bluuebunny/crossref_metadata_2025 huggingface dataset:
Energetic and Ecological Analysis of Energy Saving and Passive Houses
Authors: Sanytsky Myroslav , Sekret Robert , Wojcikiewicz Mariusz
Published: April 2013

In this paper results of influence of building-installation system parameters on value of energetic coefficients were calculated. Three types of buildings (standard, energy saving and low energy) with heating surface of 100, 150 i 200 m2 were used. The above types of buildings differ on thermal barrier and heating system efficiency. The influence of the gravity and mechanical ventilation systems on the final heat energy of different kinds of houses was shown. Parameters of the certificate for energy characteristics of building were used. Mathematics models of influence of thermal barrier parameters and heating surface on the value of energy characteristics, namely final energy EF, primary energy EP and useful energy EU were established. Influence of such parameters as heating energy factors, ventilation system and energy sources on the energy efficiency improvement of buildings was analyzed. The building environmental assessment system was proposed on the base of energetic and ecological analysis of houses.
Tamping Mortars with Stabilizing and Plasticizing Admixtures
Authors: Terlyha Volodymir , Sobol Khrystyna
Published: April 2013

Boreholes cementing operations at the depth of several kilometers requires the best technology as well as the best materials. To produce the materials satisfying all the requirements concerning the tamping works is possible using the technology of dry building mixes (DBM) prepared at the factories by thorough mixing of accurately dosed components. Using of chemical admixtures allows improving some properties of these mixes. In this work the influence of mineral fillers and chemical admixtures on the properties of the fresh mixture and hardened tamping mortar was investigated. It is established that introduction of the admixture with complex action on the basis of stabilizer Walocel 15-01 and plasticizer Melflux 2651 allows obtaining the fresh mixture with high spreadability. At the same time the value of dehydration approaches to zero which favorably effects on stabilization of fresh mixture and not allows the sedimentation processes to take place. By the X-ray analysis, the positive influence of modification admixtures on the hydration processes in the tamping mortars by activating them was identified. In the result of this, the formation of hydrate phases is accelerated; these phases tightly mud the pore area of tamping stone increasing by this its strength.
Poroid Fungi of Hungary in the Collection of Zoltán Igmándy
Authors: Szabó Ilona
Published: April 2013

- Zoltán Igmándy (1925-2000), prominent Hungarian mycologist, worked as professor of forest protection at the University of West-Hungary Sopron. His main research area was the investigation of wood-inhabiting poroid fungi of Hungary, their occurrence and importance in forest pathology and wood protection. During his 40 years of scientific activity Igmándy created a rich fungal collection (herbarium Z. Igmándy) which includes the complete polypore mycota known to occur in Hungary until 1990. The paper provides a brief compendium of the collection, a list of species characterised by the number of specimens, number of sampling locations and enumeration of the hosts and substrata of the specimens.
Photodegradation of Timber of Three Hardwood Species Caused by Different Light Sources
Authors: Tolvaj László , Varga Dénes
Published: April 2013

- In this study, resistance of black locust, beech and poplar wood to photodegradation was tested, applying sunlight, a xenon lamp and a mercury vapour lamp. The irradiation time was 200 hours for sunlight and the xenon light and 20 hours for the mercury light. The changes were monitored by colour measurements and infrared spectroscopy. The colour change of black locust was more intensive at the beginning of the irradiation than that of the beech and poplar. The degradation of aromatic structure of lignin (absorbing at 1510 and 1596 cm-1) in black locust was minor compared to the same changes of beech and poplar during the first 10 hours. The mercury lamp induced more intensive changes both in colour and in infrared spectrum than the other two light sources. The results show that the high extractive content of black locust absorbs a considerable amount of light radiation protecting the main chemical components of wood.
HLA-DRB1 Frequency in Romanian patients with early rheumatoid arthritis
Authors: Hanzu-Pazara Loredana , Martinescu Alina , Suta Maria
Published: April 2013

As being the most debated polygenic disease, rheumatoid arthritis elicits great interest in the study of association with genetic factors in various ethnic and racial groups. Some of the HLA-DRB1 alleles are encoding shared epitope amino acids that are not conferring the same risk in various populations. Our study focuses on the evaluation of the distribution of HLA-DRB1 alleles in Romanian patients with early rheumatoid arthritis, along with controls by using PCRSSP method. HLA-DRB1 allele genotyping showed statistically significant differences given by a higher allele frequency for *04, *01 and *14. Also, in our study was observed a lower frequency for *03,*11,*13 and *15 HLA-DRB1 allele in patients group compared with controls, also a high frequency for *0404 and *0408 allele, in contrast with *0401 and *0402 which were significantly lower in patients than in controls. *0403, *0405 and *10 were not associated with early rheumatoid arthritis in our group diagnosed according with new classification criteria ACR/EULAR 2010. In present study we found a negative association of *0402, *11 and *13 with early rheumatoid arthritis. Results of our study are demonstrating the need of a continuous work of allele tracing and associating with rheumatoid arthritis, especially in cases early diagnosed in order to create sufficient premises for instituting a correct and possibly long term remissive treatment.
Electrochemical studies of certain nitro substituted pyrazolin-5-ones
Authors: Kakarla Ramana Kumar , Aluru Raghavendra Guru Prasad , Vinnakota Srilalitha , Golla Narayana Swamy , Lakshmana Rao Krishna Rao Ravindranath
Published: April 2013

The polarographic behavior of 1-(Toluenyl sulfonyl)-3-amino-4-(2'-nitro aryl hydrazono)-2-pyrazolin-5-one and 1-(Toluenyl sulfonyl)-3-amino-4-(4'-nitro aryl hydrazono)-2-pyrazolin-5-one is investigated in the acidic as well as in basic media. The compounds gave two well defined, diffusion controlled, irreversible waves in Britton-Robinson buffers of pH range 1.0-7.0. In alkaline medium three well defined, diffusion controlled and irreversible waves were obtained. Effect of various solvents, cations and surfactants on the reduction is presented. The effect of substituent and its correlation with the Hammett substituent constant (δ) is detailed. Based on the results, a detailed reduction mechanism in acidic as well as basic media is proposed.
Characterization and stability study of some pharmaceutical ointments
Authors: Popescu Viorica , Soceanu Alina , Dobrinas Simona , Stanciu Gabriela
Published: April 2013

In the present study we have determined some characteristics (aspect, odor, solubility, emulsion type, water and volatile substances content, total fatty matter, saponification index, ester index) for three pharmaceutical ointments belonging to the group of non-steroidal anti-inflammatory: Diclac, Ketonal, Indometacin and one antibiotic ointment for ophthalmic use: Ophtagram. In order to achieve stability study of studied ointments, the pH, the acidity index, the peroxide index and the iodine index were determined over a year every three months. After 9 months from the opening of the tubes, analytical determinations have shown that pH values, acidity, peroxide and iodine indexes no longer fit to the values recommended for medical use, which confirms the directions available on the package.
Hydrogenation of 1-octene by Co-Mo/MCM-41 catalysts
Authors: Jang Chol Ryong , Matei Vasile , Borcea Anca , Voicu Viorel , Proscanu Raluca , Ciuparu Dragos
Published: April 2013

The synthesis and characterization of MCM-41 supported Co-Mo catalysts and catalytic hydrogenation of 1-octene to n-octane were discussed. BET specific surface area of MCM-41, calculated from N2 adsorption/desorption isotherm, was 1690 m2/g. The XRD patterns of the Co-Mo/MCM-41 catalysts show that metal species are finely dispersed and the size of CoO and MoO3 particles is below the detection limit by XRD. The 1-octene hydrogenation activity of the catalysts decreased with increasing the Co content up to 9 wt.% for the Co-promoted Co-Mo/MCM-41 catalysts with a MoO3 content of 12 wt.%. All the catalysts show increased hydrogenation activity with increasing reaction temperature in the temperature range from 200 to 350°C.
Indicators of the deteriorate water quality status of reservoir, Sagar city, MP, India by multivariate analysis
Authors: Pathak Hemant
Published: April 2013

This study was carried out in the Rajghat reservoir has been used as a drinking water resources from last decades. The aim was to investigate the temporal and spatial variability of water quality. Data investigation was processed using multivariate analysis. Samples were taken in 05 stations spreading out over the water body during three seasons were analyzed for their physicochemical characteristics in order to explore the contamination of reservoir water samples, using Correlation analysis, multiregression analysis and modeling. On comparing the results against BIS water quality standards, it is found that some of the water samples are polluted. A systematic calculation of correlation coefficient between water quality parameters has been done with the objective of minimizing the complexity and dimensionality of large set of data. An attempt has been made to find the seasonal quality of water in reservoir, in order to adopt a statistical model for examine water quality. The results of this study are believed to be valuable to help water resources managers understand complex nature of water quality issues and determine the priorities to improve water quality.
Quality control of distilled beverages
Authors: Soceanu Alina , Dobrinas Simona , Popescu Viorica , Moise Florian
Published: April 2013

The aim of this research is to characterize some distilled drinks commercially available on the market (brandy, gin, vodka, whiskey) and some distilled beverages provided by private manufacturers (palinca made in copper, aluminum and stainless steel distillation apparatus). For this purpose the alcoholic concentration, the dry extract, the total acidity, the ash content and copper level were determined. The alcoholic concentration was measured using the picnometer method and the copper content was determined by UV-VIS molecular absorption spectrometric method. This study shows that the distilled beverages commercially available on the market can be discriminated from palinca, a homemade brandy using the differences between the obtained results.
In vitro Interaction of Metformin with Diclofenac in Aqueous Medium
Authors: Saha Shuvashis , Begum Rehana , Sultan Md Zakir , Amjad Farhad Md , Amran Md Shah , Hossain Md Amjad
Published: April 2013

Combination therapy may be unavoidable and common way for the treatment of disease where two or more drugs are given concurrently. The drugs may exhibit effects independently or may interfere with each other. Metformin is an anti-diabetic drug and diclofenac is a NSAID. The in vitro interaction of metformin with diclofenac was studied at room temperature and at different pH conditions. The studies were performed by various UV-Visible spectrophotometric, conductometric and HPLC methods. It was found that metformin formed stable 1:1 complex with diclofenac. The interaction may greatly influence the activity of these molecules. DOI: http://dx.doi.org/10.3329/dujps.v11i2.14555 Dhaka Univ. J. Pharm. Sci. 11(2): 101-106, 2012 (December)
Preparation and in vitro Evaluation of Inclusion Complexes of Nelfinavir with Chemically Modified ?-cyclodextrins
Authors: Hiremath Shivanand , Godge Ganesh
Published: April 2013

Nelfinavir is a poorly water-soluble antiretroviral drug with relatively low bioavailability. In the present study, the practically insoluble drug, nelfinavir (NFV) and its inclusion complexes with hydroxypropyl-?-cyclodextrin (HP-?-CD) were investigated to improve the aqueous solubility and the dissolution rate of the drug, thus enhancing its bioavailability. The phase solubility diagram with HP-?-CD was classified as AL-type at all temperatures investigated, indicating the formation of higher order complexes. The apparent complexation constants (K1:1) calculated from phase solubility diagram were 145.49, 188.45 and 255.54 M-1 at 25, 37 and 45 ± 0.5°C, respectively. Aqueous solubility and dissolution studies indicated that the dissolution rates were remarkably increased; this could be mainly attributed to the improved solubility and dissolution associated with inclusion complex between drug and HP- ? -CD. Absence of endothermic and characteristic diffraction peaks corresponding to NFV was observed for the inclusion complex in DSC and PXRD. FT-IR study indicated that the presence of intermolecular hydrogen bonds between NFV and HP-?-CD in inclusion complex, resulting in the formation of amorphous form. DOI: http://dx.doi.org/10.3329/dujps.v11i2.14558 Dhaka Univ. J. Pharm. Sci. 11(2): 107-116, 2012 (December)
Development and Validation of Bioanalytical HPLC Method For Estimation of Telmisartan In Rat Plasma: Application To Pharmacokinetic Studies
Authors: Patel Jaydeep M , Dhingani Anjali P , Garala Kevin C , Raval Mihir K , Sheth Navin R
Published: April 2013

A simple, specific, sensitive and rapid reversed phase high performance liquid chromatographic (HPLC) method has been developed and validated for the determination of telmisartan in small volumes of rat plasma. Biological sample preparation involving simple extraction with organic solvent, followed by dilution with mobile phase was adopted to eliminate any chromatographic solvent effects. The method was proven to be linear over a plasma concentration range of 10 to 1000 ng/mL with a mean correlation coefficient of 0.9942. The limit of detection and the limit of quantification of the newly developed method were determined to be 1 ng/mL and 10 ng/mL, respectively. The method was successfully applied to assess pharmacokinetic parameters of telmisartan in Wister rats following a single oral dose (1.8 mg/kg, b.w.). The developed method was established as a rapid analytical tool in a pharmacokinetic study as it required short retention time, high precision, sensitivity and small volumes of plasma for analysis. DOI: http://dx.doi.org/10.3329/dujps.v11i2.14562 Dhaka Univ. J. Pharm. Sci. 11(2): 121-127, 2012 (December)
Effect of Various Electrolytes on Theophylline Loaded Sodium Alginate Beads Prepared by Ionic Cross Linking Technique
Authors: Jahan Sheikh Tasnim , Sadat Sams Mohammad Anowar , Islam Muhammad Rashedul , Azam ATM Zafrul , Chowdhury Jakir Ahmed
Published: April 2013

The purpose of t h e present research work was to prepare alginate beads containing water soluble drug theophylline using ionic cross linking technique, with electrolyte type and concentration as variables. In this study, the beads were characterized and evaluated in respect of their surface morphology, swelling index and in vitro kinetics. The comparative study among the three polyvalent cationic cross linking agents CaCl2 , BaCl2 and Al2 (SO4)3 were investigated based on their cationic charges. Divalent cation, Ca2+ and Ba2+ containing beads showed simultaneous decrease in drug release with increasing electrolyte amount. In case of Al3+ -alginate beads, the delay in release was due to the ability of Al3+ to form three dimensional bonding structure with the sodium alginate inside the beads. As a result, swelling of beads is delayed leading to slow disintegration. Scanning electron microscope (SEM) photomicrographs revealed that with the increase in the electrolyte concentration the density of the cross link is also increased. When the electrolyte concentration is 5 % then the beads surface is rough and rod shape drug is visible. But when the electrolyte concentration is increased from 10 % to 15 % the surface is comparatively smoother and both the swelling property and in vitro drug release are decreased. Most of the formulations followed Higuchi drug release model. DOI: http://dx.doi.org/10.3329/dujps.v11i2.14578 Dhaka Univ. J. Pharm. Sci. 11(2): 181-189, 2012 (December)
L'outillage commun du premier site d'habitat néolithique découvert en Flandre (Belgique). Étude fonctionnelle de l'industrie lithique taillée du site de Waardamme (3e millénaire av. J.-C.)
Authors: Beugnier Valérie , Crombé Philippe
Published: April 2013

Dans le cadre de cet article, nous présentons les résultats d’une étude technologique et fonctionnelle menée sur l’ensemble de l’outillage en silex taillé d’un site d’habitat exceptionnel du Néolithique final. Le gisement, caractérisé par la présence d’un bâtiment bien conservé, est implanté dans le Nord de la Belgique, en Flandre, région de sols sableux qui n’était connue jusque-là que par des découvertes isolées, provenant de ramassages de surface. L’assemblage recueilli est dominé par les microdenticulés et a pu être attribué au groupe culturel de Deûle/ Escaut. La détermination des normes d’utilisation de l’outillage a cependant permis de mettre en évidence certains particularismes qui montrent qu’à Waardamme, les phénomènes de transmission culturelle sont plus complexes que supposés. L’étude a également permis d’identifier certaines des activités menées dans le site et de préciser quelle conception les Néolithiques de Waardamme avaient de leur industrie. De ce point de vue, ils s’inscrivent dans l’évolution générale des sociétés de la fin du Néolithique en Europe du Nord qui se caractérise, entre autres, par un désinvestissement marqué à l’égard de l’outillage domestique en silex.
Du Solutréen supérieur au Magdalénien en Languedoc rhodanien. Ruptures et continuités
Authors: Bazile Frédéric , Boccacio Guillaume
Published: April 2013

The authors present an assessment of Rhodanian Languedoc over the period 20000/ 13000 BP. They show the originality of the regional Upper Palaeolithic, on the border of an eastern, Gravettian world, and a western, Magdalenian world. The regional sequence, more complex than appeared from earlier studies, in no way conforms to a long linear process, in the manner of a slow mutational evolution from the Solutrean towards the Late Magdalenian.
Entre Notre-Dame de Paris et Chartres : le portail de Longpont-sur-Orge (vers 1235)
Authors: Kasarska Iliana
Published: April 2013

Le portail de l'ancienne priorale clunisienne de Longpont-sur-Orge (Essonne) forme un ensemble de premier plan, certes mutilé mais très peu restauré, de la sculpture du second quart du XIIIe siècle. Une triple étude archéologique, iconographique et formelle permet d'en mieux apprécier l'originalité et d'approfondir les liens qui l'unissent à la façade occidentale de Notre-Dame de Paris, avec le portail du Couronnement de la Vierge dont l'ascendant du programme marial est abordé dans le détail, mais aussi, fait nouveau, avec le portail Sainte-Anne dont Longpont reprend les principales données structurelles. Le style dominant se réfère très précisément aux sculptures des porches du transept de la cathédrale de Chartres. Cette diversité des sources permet d'évoquer au plus près la réalité d'un chantier de portail au début du XIIIe siècle.
Archéologie et restauration des monuments. Instaurer de véritables « études archéologiques préalables »
Authors: Boissavit-Camus Brigitte , Darraud Dany , Bonnet Charles , Fabioux Martine , Guyon Jean , Héber-Suffrin François , Prigent Daniel , Pulga Stefano , Reynaud Jean-François , Sapin Christian , Vergain Philippe
Published: April 2013

Malgré une activité plus que trentenaire, la recherche archéologique peine encore, en France, à trouver une place légitime dans l'analyse des édifices conservés en élévation, même si elle participe pleinement à la restitution de l'histoire de l'édifice. Plus qu'issues de tenaces préjugés, les causes apparaissent aujourd'hui structurelles (extension de la notion de patrimoine, multiplications des acteurs, pratiques techniques et juridiques dissociées). À la suite d'une expérience menée sur cinq édifices religieux importants de l'Aquitaine historique et présentant, dans des cryptes, des vestiges de l'Antiquité tardive et/ou du haut Moyen Age, il semblerait que la solution dune meilleure prise en compte de l'intervention et des apports de l'archéologie passe par la mise en place d'évaluations approfondies, à caractère documentaire, sanitaire et scientifique, au sein d équipes aux compétences diverses : des « études archéologiques préalables » en quelque sorte.
Contradictions et asymétrie dans l'évergétisme grec : bienfaiteurs étrangers et citoyens entre image et réalité
Authors: Gygax Marc Domingo
Published: April 2013

Marc Domingo Gygax, Contradictions and asymmetry in Greek evergetism: foreign benefactors and citizens between image and reality, DHA 32/1, 2006, 9-23.

Abstract: Greek cities often honored as benefactors (euergetai) foreigners who had not performed any benefactions or whose benefactions were not worthy of their rewards. In the relationship between cities and their own citizens, however, this practice was exceptional. Rather, we find the opposite phenomenon: during a long phase in the history of euergetism citizens did not normally receive honors for their benefactions. This article examines this double - and asymmetric - inconsistency between the image of the benefactors and their deeds.
Étude philologique d'une source gromatique négligée des Libri coloniarum, le Remensis 132
Authors: Conso Danièle
Published: April 2013

Danièle Conso, Philological inquiry on a neglected source of the Libri coloniarum, the Remensis 132, DHA 32/1, 2006, 53-82.

Abstract: The public library of Reims preserves, as a flyleaf of a manuscript of the tenth century, an isolated folio, which dates back to the VIth -VIIth century. It presents a short latin text, followed by ten illustrations with their captions. It is a surveying note, similar to those of the Libri coloniarum.

We propose a new reading and a translation of this text, as well as a commentary of the text illustrations, insisting on their contribution to our knowledge of the land survey vocabulary and illustrations. A third Liber coloniarum, separate from the two Libri edited by K. Lachmann, may have existed.
Un tratado fracasado : la ateología como discurso del ateísmo cristiano
Authors: Alvar Jaime
Published: April 2013

Jaime Alvar, An unsuccessful essay : « Atheology » as a discourse of atheism, DHA 32/2, 2006, 125-137.

Abstract: This paper welcomes a new treatise apparently devoted to the creation of the science of atheism. A closer analysis reveals important mistakes in more than one level. On the one hand, historical problems are to be found, mainly due to the authors lack of accurate information about Biblical Literature, Ancient History or the History of Religions. On the other hand, it is obvious that the apparent aim of this work -the creation of a postchristian episteme- is not even taken into account. The work is just a sort of diatribe against monotheisms, and more specifically against Christianity (as it is the religious system to which a higher number of pages are devoted). Onfray seems to forget that there have been, and there are currently many scholars involved in the construction of an antireligious criticism: their works are simply ignored in his work. His views about religion, furthermore, are all the more surprising, as he seems to ignore its deep connections to cultural and historical processes. Even though criticism is badly needed in this field of knowledge, this book lacks conceptual and analytical denseness. To sum up, the highly desirable making of a postchristian episteme is still waiting for the arrival of her author.
Les testaments royaux hellénistiques et l'impérialisme romain : deux cultures politiques dans la marche de l'histoire
Authors: Mackowiak Karin
Published: April 2013

Karin Mackowiak, Les testaments royaux hellénistiques et l'impérialisme romain : deux cultures politiques dans la marche de l'histoire, DHA 33/1, 2007, 23-46.

Résumé : Les testaments royaux hellénistiques peuvent être approchés sous l'angle d'une interpretatio graeca et romana de la politique internationale. Ces actes diplomatiques et juridiques paraissent s'inscrire, plus qu'on ne l'a dit, dans une culture idéologique et une stratégie de coercition des rois grecs. Ils agissent donc dans le sens de l'intérêt et de l'indépendance du souverain hellène sans croiser les conceptions antinomiques de Rome : fondée sur l'inégalité des partenaires politiques, il semble que l'« amicitia et societas » romaine ait lu les testaments grecs dans le sens fataliste qui n'était peut-être pas le leur, conditionnant encore grandement notre point de vue historien. L'ambiguïté et la complexité de tels actes royaux doivent ainsi être davantage mises en lumière de même que celles de l'impérialisme romain.
Le modus iugerationis dans les textes gromatiques romains
Authors: Guillaumin Jean-Yves
Published: April 2013

Jean- Yves Guillaumin, Le modus iugerationis dans les textes gromatiques romains, DHA 33/1, 2007, 99-1 13. Résumé : L'expression modus iugerationis qui n'apparaît que dans les textes tardifs du corpus gromatique ne désigne pas autre chose que le modus (« mesure ») de terre attribué par le fondateur à chaque parcelle (accepta). La seule précision apparente par rapport à l'expression ancienne est que ce modus est donné en jugères. Modum iugerationis colligere ne veut pas dire autre chose que « mesurer la quantité en jugères », c'est-à-dire « mesurer pour chaque parcelle la quantité de jugères qui lui est accordée par le fondateur ».
Une salle de banquet pour Men et les Volumnii d'Antioche de Pisidie
Authors: Labarre Guy , Özsait Mehmet
Published: April 2013

Guy Labarre - Mehmet Özsait, A Banquet Hall of Men and the Volumnii of Pisidian Antioch, DHA 33/2, 2007, 91-114.

Abstract: An inscription of Pisidian Antioch, copied by B. Levick and published sixteen years later in 1971, has been edited with the same reading by E. N. Lane. A new edition is needed, as the front of the stone, an offering table dedicated to the god Men, bears a Latin inscription that reveals the full identity of the dédicant, and mentions a cenaculum. The dedicant's gentilicium has been the starting point of an investigation on the Volumnii of Pisidian Antioch. Several inscriptions are discussed, especially a Latin inscription in which the restitution of the name Caristania Frontina Iuha, proposed by W. M. Ramsay (Anatolian Studies Presented to W. H. Buckler, 1939, p. 206-209), must be dismissed.
¿De quién es el oro de nuestros antepasados? Los "bienes culturales" y sus modelos políticos
Authors: Llinares García Mar , Bermejo Barrera José Carlos
Published: April 2013

Mar Llinares Garcia, José Carlos Bermejo Barrera, To Whom Belongs the Gold of our Ancestors? Cultural assets and their political models, DHA 33/2, 2007, 127-141.

Abstract: The authors analyze here three political models of cultural assets and their connection to the territory, with a particular interest in the Galician case (Spain). The first one is the globalized mercantile model, which considers cultural assets as goods of the tourism and leisure industry, targeted at the cosmopolitan consumer. The second one is the rural traditional model, where the archaeological sites are considered an imaginary and marvellous source of wealth. The third one is the political model of the community, which emphasizes the need to incorporate cultural assets into the context of the political, social, historical and aesthetic values.
L'État et la dynamique du capital-risque européen
Authors: Geoffron Patrice
Published: April 2013

Governments and the Dynamics of European Venture Capital

A few years after the US, venture capital is developing quickly in Europe since the beginning of the 80s. Although the structures and methods look like those created in the United States, venture capital in Europe develops its own peculiar way, due to local socioeconomic conditions. For the same reason, venture capital is not as brilliant in Europe as in the States, in terms of profitability of invested funds and reproduction of industrial scape. However, US risk financing - as a counterpart to its success - has shown some excesses and limits. European venture capital could therefore tend towards homogeneous systems between national markets. This is an aim to be reached through the making of the European financial market in 1992.

However, today in Europe venture capital is rather heterogeneous, and there is scarcely any contact between traders from different countries. If the increase of activity is exponential in most countries, the concept of a "European venture capital market" has no reality, in spite of many attempts particularly at executive level in the European Community.
Les outils modernes de gestion et le krach boursier d'octobre 1987
Authors: Jacquillat Bertrand
Published: April 2013

Beaucoup d'explications ont été données sur l'ampleur et la brutalité de la crise boursière d'octobre 1987. À partir de données boursières exclusivement françaises, nous centrons ici notre analyse sur la théorie du risque. Plusieurs facteurs permettent d'expliquer le krach boursier : dès août 1987, les analystes financiers avaient révisé à la baisse les prévisions de croissance à court et moyen terme des bénéfices des sociétés françaises de manière significative. Au niveau qu'il avait atteint, le marché était devenu très risqué ; la prime de risque et l'écart entre les taux de rentabilité actuarielle des actions et des obligations étaient à leurs niveaux historiquement les plus bas. Les simulations actuarielles montrent le potentiel important de baisse que pouvait entraîner toute modification, même faible, des exigences de rendement et la reconstitution de la prime de risque. Ces différents paramètres sont enfin intégrés dans un modèle d'asset mix optimal actions/obligations.
Arbitrage entre croissance interne et externe en France
Authors: Pene Didier
Published: April 2013

Trade-off between Internal and external growth In France

Some people say, that over the next fifteen years, France didn't make enough productive investments and made too many financial ones. We want to show that things weren 't so simple. In fact, investments under State's control decreased, as well as capital intensive investments and investments in buildings and contracts. But investments in durable productive goods kept up. The sharp increase in financial investments was due to an exceptional combination of factors and seems to have been temporary. About mergers and acquisitions, they don't weaken trench economy, but seem, on the contrary, to be a necessary condition to an efficient revival of direct investment as well as to make up for lost time in the beginning of the eighties. In fact, there was more a kind of sound "revolution" in investment practices, causing quite normally disturbances, than a reduction in investments, especially in productive ones.
Arbitrage entre le capital et la dette : actions contre obligations
Authors: Piermay Michel
Published: April 2013

Le financement par l'emprunt paraissait naturel aux entreprises lorsque les actions étaient dépréciées et les taux d'intérêt faibles devant l'inflation. La santé de la bourse, l'envolée des taux d'intérêt, le recul de l'inflation ont permis aux entreprises françaises de renforcer leurs fonds propres et d'alléger leurs dettes. Cette évolution rapide ne permet plus d'évoquer la question d'une répartition optimale du financement entre le capital et la dette sans considérer leurs prix relatifs. Certaines innovations financières apparaissent alors comme des transitions nécessaires, et le comportement récent des entreprises et de leurs actionnaires, ressort comme cohérent. L'augmentation de capital ne peut plus être considérée comme « un mode de financement résiduel ».
Les évolutions du système bancaire français de l'entre-deux-guerres à nos jours : Spécialisation, déspécialisation, concentration, concurrence
Authors: Thiveaud Jean-Marie
Published: April 2013

Changes in the French banking system from the twenties until now

For almost 200 years, the French banking system has passed through many changes and this article aims at presenting this evolution to the Revue d'économie financière readers.

Following an introductory part dealing with the situation which took place before the First World War, this article covers two different periods : before and after 1945.

French banking system changes are indeed characterized by successive periods of specialization, diversification, concentration and competition.

In order to better grasp transformations occured during the last twenty years and understand the current risks being faced, it seems necessary to jump into the past.
Monnaie, crédit, finances en Chine de 1840 à 1937
Authors: Thiveaud Jean-Marie
Published: April 2013

Money, credit and financial issues in China from 1840 to 1937

The issues related to money, finance, credit and banks in China's history deserve to be examined in the context of current Asian crises. China's position in these different mechanisms is quite original, given that international historians and economists are willing to consider this country as the cradle of money, both coins and notes, in old times, before those years when western currency developments took place. Public financial issues are, on the contrary, very different because they do not really appear in the state model before the XIXth Century. Finally, foreign exchange remained almost absent from the Chinese system until the beginning of the XXth Century. But, the main aspects of Chinese financial and money model descriptions in this article deal particularly with very sensitive evolutions between 1840 and 1937, including foreign interventions, monetary and banking reforms and economic reconstruction projects. The sequence of political regimes in this period has significantly modified, generally in a positive way, the financial system organisation in China until the Sino-Japanese war of 1937.
Investisseurs institutionnels et gouvernance sur le marché financier français
Authors: Baudru Daniel , Lavigne Stéphanie
Published: April 2013

L’économie mondiale connaît une mutation des systèmes de détention des titres représentatifs de droits de propriété. En France plusieurs travaux ont montré une rupture du modèle d’organisation, caractérisée par : la baisse des participations en fonds propres et des mécanismes corrélatifs de participations croisées ; l’irruption sur le marché financier des investisseurs institutionnels étrangers. Cette rupture laissait augurer un scénario tendanciel où la propriété du capital passait aux mains de détenteurs externes, ainsi que des modifications de gouvernance d’entreprise. Les auteurs s’interrogent alors sur l’impact de ces transformations, tant au plan de la présence effective des investisseurs institutionnels, que des logiques d’action des firmes cotées sur le marché français.

Classification JEL : G23, G30
Seize ans de réorganisation bancaire en France
Authors: Cassou Pierre-Henri
Published: April 2013

Entre 1984 et 2000, le secteur bancaire a été marqué par davantage de changements que durant les quarante années précédentes. Il s’est simplifié, décloisonné et s’est partiellement concentré. Cet article décrit les trois principales transformations qui se sont produites dans l’organisation du système bancaire français au cours de ces seize dernières années : le désengagement de l’État, les adaptations liées aux innovations financières et techniques et les restructurations imposées par les évolutions économiques. Au moment où l’intégration des marchés bancaires européens va se renforcer, il est par ailleurs utile de dresser un bilan de ces transformations. Il demeure encore certaines surcapacités dans le secteur bancaire. Sa concentration reste peu poussée et son internationalisation réduite.

Classification JEL : G21
Industrie bancaire : les espoirs des Davids face aux Goliaths ?
Authors: Pastré Olivier
Published: April 2013

Le début du troisième millénaire est marqué par une accélération des concentrations bancaires. Les économies d’échelle semblent être devenues le principal facteur de « motricité industrielle » dans ce secteur. Il est vrai que ces économies jouent pleinement dans certains métiers bancaires. Certains facteurs d’environnement accentuent aussi les pressions en faveur de la concentration : la mondialisation, l’augmentation de la taille des clients et la « nouvelle économie ». Toutefois, ce processus n’est pas irréversible et les obstacles sont nombreux sur la voie de la concentration bancaire. En particulier, les bienfaits de ce mouvement ne doivent pas s’analyser au niveau de l’entreprise, mais bien au niveau de chaque métier. Ainsi, des entités de petites tailles peuvent, sous certaines conditions, survivre, voire se développer.

Classification JEL : G21
Le Nouveau Marché : la construction d'une identité
Authors: Revest Valérie
Published: April 2013

The « Nouveau Marché » : building an identity

This article deals with the choice of organisation in a financial market. These remarks are based on the introduction of the « Nouveau Marché ». This market is characterised by a collective building involving all its members. The organisation of financial market leads the quality of market functioning and its identity acceptance by all its members. This article characterises a financial market as an organisation, shows moreover that the involvement of some market’s members is important in the increase of the « Nouveau Marché » identity.

JEL classifications : G14
Les fonds d'investissement spécialisés en Europe
Authors: Davydoff Didier
Published: April 2013

Specialized Investment Funds in Europe

After British investors at the beginning of the nineties, and American ones in the middle of the same decade, the launch of the euro led stock market investors of the euro area to start substituting a sectorial approach to the national one. During the period from 1996 to 2000, the share of sectorial funds - excluding property funds - increased to 9.5% of overall equity funds in the euro area and reached more than 20% in Belgium, Ireland and Germany. Considering sector categories, sectorial fund’s growth over the period remains however strongly linked to the development of the new economy. Property funds, for their part, have gained more importance in Germany than in any other European country.

JEL classifications : E21, G11
Les facteurs de différentiation des banquiers mutualistes et commerciaux en matière de financement des PME
Authors: Abdesselam Rafik , Cieply Sylvie , Le Pape Nicolas
Published: April 2013

L’objet de cet article est de rechercher les facteurs qui différencient les chargés de clientèle des banques mutualistes des chargés de clientèle des banques commerciales en matière de financement des PME. Ces facteurs de différenciation sont identifiés à partir des réponses obtenues dans le cadre d’une enquête auprès d’un échantillon représentatif selon le type de banque de la population des chargés de clientèle PME de la région Basse-Normandie. Les méthodes d’analyse des données réalisées mettent en évidence l’importance de l’ancienneté de la relation pour les banquiers mutualistes à l’opposé des banquiers SA qui prennent davantage en compte l’étude des documents comptables et l’analyse de la faisabilité économique du projet de l’entreprise.

Classification JEL : G21, D82, L31, C42
Quelle était la gravité de la crise boursière de Septembre 2001 ? Construction d’un indice de crise et mise en perspective des dernières turbulences
Authors: Maillet Bertrand , Michel Thierry
Published: April 2013

The lack of a universally recognized way of assessing the gravity of financial crises

The last events underlined the lack of a universally recognized way of assessing the gravity of financial crises. It motivates a measure recently proposed and applied to the exchange rates market by Zumbach et al (2000). This measure relies on the approach used in geophysics : the proposed Index of Market Shocks (IMS) is the analog of the Richter scale used for earthquakes. In this paper, we implement and apply this measure on the French and the American stock markets in order to put into perspective the recent market events. The crisis induced by September attacks is actually the worst since 1987. However, when compared with the major historical crises, this one is still not - at the moment - amongst the ten worst.

JEL classifications : G10, G14
L'Eurogroupe : bilan et perspectives
Authors: Coeuré Benoît
Published: April 2013

Le traité de Maastricht prévoit des procédures complexes, peu connues du grand public, pour organiser la coordination des politiques économiques des États membres de l’Union européenne. Cette architecture est le produit d’une réflexion ancienne sur l’Union monétaire. Mais le traité ne prévoit pas explicitement de coordination entre les pays qui ont adopté l’euro. C’est pour réparer cet oubli que le groupe des ministres des Finances de la zone euro, ou Eurogroupe, a été mis en place en 1998. L’Eurogroupe a acquis progressivement plus de visibilité publique. Pourquoi avoir créé cette enceinte alors que les ministres des Finances continuent à se réunir à quinze dans le cadre du Conseil Ecofin ? Quel bilan porter sur les trois premières années d’activité de l’Eurogroupe, et quelles évolutions sont envisagées ? Telles sont les questions auxquelles cet article répond brièvement.

Classification JEL : D71, E61, H77
L’Asie de l’Est peut-elle imiter le processus d’intégration européen ?
Authors: Park Yung Chul
Published: April 2013

Can East Asia emulate European economic integration ?

After a financial crisis broke out in Thailand in July, 1997, Japan proposed creation of an Asian monetary fund (AMF) as a framework for promoting financial co-operation and policy co-ordination in the region. This idea was revived again when the finance ministers of ASEAN + 3 agreed on May 6 2000 in Chiang Mai, Thailand to establish a system of swap arrangements within the ASEAN + 3 countries in what is known as the Chiang Mai Initiative (CMI). This article describes then the components of CMI and progress of the negotiations for the Bilateral swap arrangements and Surveillance system. Before concluding on the likely courses of development of the CMI, author describes Barriers to Financial Co-operation and Integration.

JEL classification : E44, F33, G15, 019, 053
La valorisation des sociétés de la Nouvelle économie par les options réelles : vertiges et controverses d’une analogie
Authors: Boucher Christophe
Published: April 2013

Pricing new economy companies by real options : dizziness and dispute of an analogy

The pricing of the « New Economy » firms is complex and perilous because the traditional valuation models are inefficient when valuing firms with no positive earnings, no long history of performance, no comparable firms and strong uncertainty. The real options techniques are becoming a highly valued tool for pricing new economy firms. But according to Knight (1921), we suggest the valuation of these firms by real options coming under confusion between uncertainty and risk. When firms are in radical uncertainty, the use of real options may prove to be inefficient because these techniques rationalize overvaluation under the guise of a sophisticated and complex tool.

JEL classifications : G12, G13, G32, L86
L’économie du nouveau dispositif et les conséquences de la nouvelle réglementation
Authors: Nouy Danièle
Published: April 2013

Le premier objectif de Bâle II est d'encourager les banques à améliorer leur capacité de mesure et de gestion de leurs risques. Pour que les nouvelles règles puissent s'appliquer à des banques différentes, le Comité a développé plusieurs options pour chaque type de risques. Bâle II sera ainsi plus flexible, plus prospectif et plus adaptable aux innovations financières. Le nouveau dispositif ne devrait ni augmenter, ni réduire le niveau global des fonds propres au sein des systèmes bancaires. Il est fondé sur trois piliers destinés à se renforcer mutuellement : des exigences quantitatives, une surveillance prudentielle « sur mesure », adaptée au profil de risque de l'établissement considéré, et une communication financière sensiblement améliorée. Parmi les points particulièrement commentés, on peut citer le caractère potentiellement procyclique de l'Accord, l'accès des pays émergents aux capitaux internationaux, et la complexité relative du nouvel Accord.

Classification JEL : G21, G28
Le yuan et le G20
Authors: Bénassy-Quéré Agnès , Lahrèche-Revil Amina , Mignon Valérie
Published: April 2013

Dans cet article, les auteurs cherchent à déterminer la marge d’appréciation du yuan, et à analyser les conséquences qu’aurait, pour la parité euro-dollar, un réajustement du taux de change du yuan et des monnaies asiatiques. Tout d’abord, cet article rappelle les origines du régime de change fixe en Chine, dont le choix est indissociable de la stratégie de développement chinoise, fondée sur une ouverture privilégiant les exportations. Puis, il propose deux mesures alternatives du taux de change d’équilibre du yuan, l’une fondée sur l’hypothèse que le yuan doit se comporter comme l’ensemble des monnaies des pays du G20, l’autre fondée sur l’hypothèse que les monnaies du G20 ont chacune une dynamique d’ajustement propre. Enfin, les auteurs étudient l’impact qu’aurait un réajustement du yuan et des autres monnaies asiatiques sur les déséquilibres mondiaux, mesurés par les distorsions de change subies par ces pays. Différents scénarios permettent de quantifier les conséquences d’une éventuelle coopération monétaire en Asie.

Classification JEL : F31, F36, O24, O53
Le financement de l’innovation et de la R & D en France : un bilan statistique
Authors: Belin Jean , Guille Marianne
Published: April 2013

Cet article analyse le financement des dépenses de recherche et d'innovation des entreprises. Tout d'abord, l'étude de la structure de financement des projets innovants montre l'importance des ressources internes et de l'aide publique. Elle révèle également la forte disparité des structures de financement des projets suivant les caractéristiques des entreprises. Puis, l'analyse du financement des dépenses de R& D permet de mettre en évidence les difficultés des entreprises à financer ces dépenses, en particulier pour les PME indépendantes. On note l'importance des ressources internes et de l'aide publique mais aussi des financements en provenance du groupe en période de choc conjoncturel. Enfin, les entreprises innovantes semblent posséder les structures financières les plus solides et les entreprises non-innovantes les moins favorables, la situation des entreprises de R& D se révélant intermédiaire.

Classification JEL : D8, D21, D43, E22, E44, E50
Régulation des systèmes de santé : quelques expériences étrangères de réformes en Europe
Authors: Lequet-Slama Diane
Published: April 2013

Improving the health care system : some European reforms

In Europe, since nineties, most countries have been engaged in important reforms to improve their health care system and to control costs. These reforms followed a common inspiration and are mainly articulated around : the introduction of market or quasi market mechanisms between Health insurance Funds (Dekker Reform in Netherlands, Seehofer reform in Germany) and/or providers (Thatcher reform in UK) ; a purchaser/provider split in the introduction of new public management methods inspired by the private sector (Nordic and southern European countries) ; the reinforcement of decentralisation (Nordic and southern European countries). Finally, the rolling back of the State in the financing of health care leads to a more important role of private insurers and could bring about changes in the role and nature of both public and private interventions within the whole health care system.

JEL classification : H51, I11, O52