Credit risk management in banks: Hard information, soft Information and manipulation

The role of information’s processing in bank intermediation is a crucial input. The bank has access to different types of information in order to manage risk through capital allocation for Value at Risk coverage. Hard information, contained in balance sheet data and produced with credit scoring, is quantitative and verifiable. Soft information, produced within a bank relationship, is qualitative and non verifiable, therefore manipulable, but produces more precise estimation of the debtor’s quality. In this article, we investigate the impact of the information’s type on credit risk management in a principalagent framework with moral hazard with hidden information. The results show that access to soft information allows the banker to decrease the capital allocation for VaR coverage. We also show the existence of an incentive of the credit officer to manipulate the signal based on soft information that he produces. Therefore, we propose to implement an adequate incentive salary package which unables this manipulation. The comparison of the results from the two frameworks (information hard versus combination of hard and soft information) using simulations confirms that soft information gives an advantage to the banker but requires particular organizational modifications within the bank, as it allows to reduce capital allocation for VaR coverage.Hard information; Soft information; risk management; Value at Risk; moral hazard; hidden information; manipulation

Les publics de la Bpi - 2006

Synthèse d\u27une enquête menée en deux phases auprès des publics de la Bpi : trois focus groups ont été organisés en octobre 2006 (volet qualitatif), suivis en novembre par la passation d\u27un questionnaire en face à face à la sortie de l\u27établissement (volet quantitatif)

Identification of laccase genes in Ganoderma boninense draft genome assembly

Ganoderma boninense, a soil born fungus, is the main agent of basal stem rot, one of the most devastating diseases of oil palm (Eleais guinensis). Observation of oil palm infection by G. boninense in natural conditions has shown the fungus capacity to quickly degrade the stem base, leading to important cracks and finally to tree fall. This important degradation of host tissue likely implies lignolitic enzymes, in particular laccase activity. Those enzymes have been well described in several rot disease involving fungus and their role in the pathogenicity of some fungus like the honey mushroom (Armillaria mellea) is well established. In this context, the study of G. boninense wood degradation genes, and in particular of laccase genes, seems to be of key interest to a better understanding of basal stem rot disease. We produced and assembled a draft sequence genome of an Indonesian G. boninense isolate and the draft sequence of a Malaysian isolate transcriptom. The draft genome assembly was annotated ab initio with Augustus software that predicts genes models from genomic sequence. We obtained 22228 gene models, among which 33 showed similarity with laccase. Among these 33 gene models, 25 exhibited the 4 domain laccase signature sequence and seven showed matches with expressed transcripts. Their length, intron number, subcellular addressing and peptide signal are classical of fungal laccases. A phylogenic analysis of G. boninense laccase predicted gene models along with other fungal laccases suggest recent and extensive gene duplication in G. boninense for a laccase clade specific to some polyporales white rot fungi. (Résumé d'auteur

Identification and development of new polymorphic Microsatellite markers for Ganoderma boninense main causal agent of oil palm basal stem rot disease

Ganoderma boninense is a telluric lignicolous basidiomycete and the main causal agent of the basal stem rot, one of the most devastating diseases of oil palm (Elaeis guinensis). While the fight against G. boninense should be a priority in South-East Asia, only scarce information is available about the diversity level of this fungus, and almost nothing is known about its genetic structure and history. In this context, the development of an informative molecular marker set for characterizing G. boninense diversity is a key step to understand the biology of this pathogen. A G. boninense draft genome sequence assembly of 61.5 Mb (from 454 and Illumina sequencing) has been used to identify and develop a set of microsatellite markers (SSR). A total of 652 SSR were identified of which 145 SSR primer sets were developed. These SSR are characterized by motif from 2 to 6 bases long and 5 to 34 repetitions. A total of 97 SSR were successfully amplified on a first small set of G .boninense isolates from Indonesia. Then a population of 48 isolates from several locations in South-East Asia was screened to characterize each locus for allele number, heterozygoty and null allele absence. These results allow us to propose an efficient SSR set to study G boninense in infected oil palm plantations in order to better understand the history of this pathogen. (Résumé d'auteur

Animal Welfare:Could Adult Play be a False Friend?

International audienceThere is no consensus regarding the functions of play. As play behavior is a characteristic of young stages of development, it has been suggested that the higher prevalence of adult play observed in domestic animals could be the result of their “neotenic retardation.” Functional hypotheses have dealt with the long term benefits, such as “rehearsal,” “motor training” for future adult competencies or “training for the unexpected.” However, there is little consistent experimental evidence favoring a particular hypothesis. The present study aimed to test the functional significance of adult play as a potential reliable indicator of good welfare, a by-product of domestication or a tool for social cohesion. Observations of both a domestic species (the horse) and wild/captive animals (cercopithecids) confirm the literature data that show the greater prevalence of adult play in the domestic/captive situations. This convergence between a domestic and a wild species argue against the idea that adult play may be a mere product of domestication. Moreover, animals living in naturalistic situations had the same low level of adult play as observed in wild animals suggesting that captive/domestic animals do not play only because they are stress free or well fed. Play is not a reliable indicator of welfare: Horses and adult macaques that played the most were also those that exhibited the greatest signals of poor welfare as stereotypic behaviors. Furthermore, adult play was more frequent at times of social disturbances and instability. Adult play is a sign showing that the adult organism needs to evacuate stress

L’architecture sous pression

Dans cet article, nous analysons un type spécifique et extrême d’espace hyper-conditionné au sein d’un milieu hyper-contraint : les maisons sous la mer conçues et développées au cours des années 1960-1980. Une première partie présente plusieurs programmes d’habitat de cette période, des expérimentations technoscientifiques pionnières de Jacques-Yves Cousteau (1962-1965), aux recherches architecturales de Jacques Rougerie (1977-1982). La deuxième partie montre comment ces habitats subaquatiques soumis à de fortes pressions s’affranchissent progressivement des questions techniques pour développer des solutions plus architecturales. Enfin, la dernière partie, examine les développements d’une véritable architecture subaquatique qui ouvre ces espaces hyper-conditionnés sur le milieu sous-marin pour l’habiter pleinement.In this article, we analyze a specific and extreme type of hyper-conditioned space in a hyper-constrained environment: the underwater houses designed and developed during the 1960-1980s. The first part presents several programs from this period, pioneering technoscientific experiments by Jacques-Yves Cousteau (1962-1965), and architectural research works by Jacques Rougerie (1977-1982). The second part highlights how these underwater habitats, subjected to strong pressures, will progressively move away from the technical issues to develop more architectural solutions. Finally, the last part examines the developments of a real underwater architecture that opens these hyper-conditioned spaces on the underwater environment to experience it fully

: A new Late Upper Palaeolithic site in southwestern France: Le Petit Cloup Barrat (Cabrerets, Lot)

International audienceDer Fundort Le Petit Cloup Barrat öffnet sich zum Rande einer kleinen Doline hin, in 800 m Entfernung vom Eingang der berühmten Bilderhöhle von Pech Merle. Bei den seit 2003 laufenden Ausgrabungen wurden zahlreiche lithische und organische Siedlungsreste zu Tage gefördert, die dem mittleren und frühen Magdalénien, dem Badegoulien und dem Solutréen zugeordnet werden können. Die ältesten Schichten der Stratigraphie sind noch zu ergraben.The site of Le Petit Cloup Barrat opens on the edge of a small doline, 800 meters from the entrance of the famous decorated cave, Pech Merle. Though partially excavated at the beginning of the 20th century, this site has never been published. A test pit was opened in 2003, followed by excavations since 2004. The stratigraphic sequence, the base of which is still unknown, has yielded abundant lithic and organic remains attributed to the Middle and Lower Magdalenian, Badegoulian and Solutrean. In the upper ensemble attributed to the Magdalenian, numerous flint blade tools (end scrapers, burins, borers and retouched blades) coexist with backed bladelets. The Badegoulian is identified based on flake tools, including raclettes and transverse burins. An original industry, characterized by the production of twisted bladelets backed on the right side made from carinate cores, can be attributed to a Lower Magdalenian distinct from the Badegoulian. Finally, the Solutrean, still little excavated, is characterised by fragmented shouldered points and one fragment of a willow leaf point. The organic industry includes eyed needles, retouchers on medium-sized ungulate diaphyses and antler projectile points. The body ornaments consist of grooved and/or pierced shells, especially Dentalium, and herbivore incisors (reindeer, ibex). A few fossils, some with distant origins, were also recovered. Archaeozoological analysis shows a strong presence of reindeer, while horse is also present in various levels. The osseous material preserved in the cave will allow precise analyses of the seasons of occupation, hunting strategies, and alimentary and technical priorities

Credit risk management in banks: Hard information, soft Information and manipulation

The role of information’s processing in bank intermediation is a crucial input. The bank has access to different types of information in order to manage risk through capital allocation for Value at Risk coverage. Hard information, contained in balance sheet data and produced with credit scoring, is quantitative and verifiable. Soft information, produced within a bank relationship, is qualitative and non verifiable, therefore manipulable, but produces more precise estimation of the debtor’s quality. In this article, we investigate the impact of the information’s type on credit risk management in a principalagent framework with moral hazard with hidden information. The results show that access to soft information allows the banker to decrease the capital allocation for VaR coverage. We also show the existence of an incentive of the credit officer to manipulate the signal based on soft information that he produces. Therefore, we propose to implement an adequate incentive salary package which unables this manipulation. The comparison of the results from the two frameworks (information hard versus combination of hard and soft information) using simulations confirms that soft information gives an advantage to the banker but requires particular organizational modifications within the bank, as it allows to reduce capital allocation for VaR coverage

Credit risk management in banks: Hard information, soft Information and manipulation

The role of information’s processing in bank intermediation is a crucial input. The bank has access to different types of information in order to manage risk through capital allocation for Value at Risk coverage. Hard information, contained in balance sheet data and produced with credit scoring, is quantitative and verifiable. Soft information, produced within a bank relationship, is qualitative and non verifiable, therefore manipulable, but produces more precise estimation of the debtor’s quality. In this article, we investigate the impact of the information’s type on credit risk management in a principalagent framework with moral hazard with hidden information. The results show that access to soft information allows the banker to decrease the capital allocation for VaR coverage. We also show the existence of an incentive of the credit officer to manipulate the signal based on soft information that he produces. Therefore, we propose to implement an adequate incentive salary package which unables this manipulation. The comparison of the results from the two frameworks (information hard versus combination of hard and soft information) using simulations confirms that soft information gives an advantage to the banker but requires particular organizational modifications within the bank, as it allows to reduce capital allocation for VaR coverage