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Anne-Laure Couderc,1,2 Celia Boisseranc,3 Dominique Rey,1 Emilie Nouguerede,1 Laurent Greillier,4,5 Fabrice Barlesi,4,5 Florence Duffaud,4,6 Jean-Laurent Deville,6 Stéphane Honoré,3,4 Patrick Villani,1,2 Florian Correard3,4 1Internal Medicine, Geriatry and Therapeutic Unit, AP-HM, Marseille, France;Coordination Unit for Geriatric Oncology (UCOG), PACA West, Marseille, France; 2Aix-Marseille Université, CNRS, EFS, ADES, Marseille, France; 3Pharmacology Department, AP-HM, Marseille, France; 4Aix-Marseille University, Marseille, France; 5Multidisciplinary Oncology and Therapeutic Innovations Unit, AP-HM, Marseille, France; 6Oncology Unit, AP-HM, Marseille, FranceCorrespondence: Anne-Laure CoudercCoordination Unit for Geriatric Oncology (UCOG), PACA West, University Hospital of Marseille (AP-HM), 270 Boulevard De Sainte Marguerite, Marseille 13009, FranceTel +33 491744530Fax +33 491744833Email anne-laure.couderc@ap-hm.frBackground: Polymorbidity induces polypharmacy in older patients may lead to potential drug–drug interactions (DDI) which can modify the tolerance and safety of oncological treatments and alter the intended therapeutic effect. The objective of our study was to describe the decision-making process for oncological treatment and related outcomes, in a population of older adults undergoing a comprehensive geriatric assessment (CGA) associated to a comprehensive medication reconciliation (CMR) prior to initiating oncological treatment.Methods: ChimioAge is a prospective observational study conducted between 01/2017 and 07/2018 at Marseille University Hospital and approved by the French National Ethics Committee. It comprised all consecutive patients aged 70 years and over who were referred for a CGA as part of CMR, before initiating systemic treatment.Results: One hundred and seventy-one cancer patients were included. Mean age was 79.2 years, over half had metastatic cancers, 75% had an ECOG performance status zero or one, and two-thirds were independent in daily activities. Two-thirds of the patients had polypharmacy and the CMR identified potential DDI with systemic treatment in 43.3% of patients. Following the CGA, the CMR and the hospital oncologists decision, 30% of the patients received adapted systemic treatment with reduced doses at initiation. They presented fewer toxicities – irrespective of grade and type – than patients who received standard treatment (p< 0.001) and had comparable overall survival (Log rank p=0.21).Conclusion: This is one of the first studies to highlight the value in conducting CMR and a CGA simultaneously before initiating systemic treatment in older patients with cancer. These two evaluations could give oncologists decisive information to personalize cancer treatment of older patients and optimize treatment dose to offer the best efficacy and minimize toxicity.Keywords: aged, antineoplastic protocols, geriatric assessment, medication reconciliation, treatment failure

We provide a theory and empirical evidence showing that the liquidity (quoted spread) of an ETF is strongly determined by inventory-risk related variables. We consider a risk averse market maker who optimally chooses to either manage her ETF position through trading, or resort to the ETF creation/redemption mechanism to exchange her residual inventory for the underlying basket. The trade-off between the ETF price concession and the cost of trading the basket is key in explaining liquidity provision in ETFs. Using data on European equity ETFs, we provide supporting evidence that ETF spreads depend on the risks and costs of inventory management. We also find that the ETF liquidity is linked with the basket liquidity only when market conditions make on-exchange inventory management unsuitable.; Nous développons un modèle théorique accompagné d’une analyse empirique montrant que la liquidé (fourchette de prix affichée) d’un ETF est fortement déterminée par des variables capturant le risque lié à la position détenue par le teneur de marché. Nous considérons la stratégie optimale de celui-ci dans un contexte où il lui est possible de gérer son stock d’ETF à la fois sur le marché secondaire du produit et via le mécanisme de création/rachat. Ce faisant, le teneur de marché doit arbitrer entre d’une part une concession sur le prix auquel il négocie l’ETF, et d’autre part le coût d’illiquidité qu’il supporte sur les actifs constituant le panier répliqué en cas de création/rachat. Nous montrons que cette concession est cruciale pour expliquer les caractéristiques de l’offre de liquidité sur un ETF. L’étude empirique réalisée sur un large échantillon d’ETF européens confirme le rôle clef joué par les variables liées au risque de position. Nous montrons en outre que la liquidité d’un ETF n’est liée à celle des actifs du panier qu’il réplique que lorsque le risque de position des teneurs de marché ne peut pas être géré efficacement sur le marché secondaire de l’ETF.

National audience; Si l'économiste s'intéresse à la valeur et si le sociologue se focalise sur les valeurs, un économiste financier et un sociologue analysant un même marché doivent produire des descriptions très différentes. Prenant le cas des ETF (Exchange Traded Funds), un marché financier né récemment et en pleine expansion, c'est ce qu'ont vérifié les deux auteurs de cet article. Deux descriptions contrastées de ce marché ont été produites et ont donné lieu à une tentative de dialogue. Le financier voit le marché comme un ensemble de produits et de règlements qui sont de simples réponses fonctionnelles aux besoins des investisseurs. Le sociologue voit lui le marché comme une arène sociale. Dans le premier type de description, les acteurs sont réduits à leur rôle fonctionnel. La description sociologique semble plus riche, plus compréhensive, mais opère elle aussi des réductions et requiert une description financière préalable.

Despite the importance ETFs have recently gained, little is known about their liquidity. The conventional view on ETF liquidity is that what really matters is not the size of the ETF or its trading volume but the liquidity of its benchmark index. We argue that while creation/redemption effectively creates a tight link between the ETF and the index liquidity, other factors are likely to affect the former. The aim of our paper is to provide empirical evidence of the determinants of the spreads in the European equity ETF markets from their inception in 2000 to the end of 2011. We find that, while the liquidity of ETFs effectively depends on the liquidity of their benchmark index, size also matters: larger and more heavily traded ETFs display tighter spreads. We also find that synthetic ETFs exhibit lower spreads than physical ETFs but that this effect becomes insignificant when competition is accounted for. Finally, market fragmentation also affects spreads but does so differently in physical and synthetic ETFs, which may be explained by the degree of fragmentation these ETFs really face.

International audience; Our article investigates how the introduction of an index security directly and indirectly impacts the links between the underlying-index spot-futures mispricing. Using intraday data for financial instruments related to the CAC 40 index, we show that the efficiency improvement consequent to the inception of the Lyxor CAC 40 Exchange-Traded Fund (ETF) is not a direct effect of arbitrage trading using the ETF as the cash asset, as argued in previous literature. Indeed, ETF trading does not Grangercause futures price reversion. However, there is a strong causal relation between indexfutures mispricing and illiquidity in the underlying stocks after the introduction of the ETF, suggesting that the ETF introduction indirectly improves spot-future price linkage by enhancing the liquidity of the underlying stocks.

This paper examines the determinants of the time it takes for an index options marketto be brought back to efficiency after put-call parity deviations, using intraday transactionsdata from the French CAC 40 index options over the August 2000 – July 2001 period. Weaddress this issue through survival analysis which allows us to characterize how differencesin market conditions influence the expected time before the market reaches the no-arbitragerelationship. We find that maturity, trading volume as well as trade imbalances in call andput options, and volatility are important in understanding why some arbitrage opportunitiesdisappear faster than others. After controlling for differences in the trading environnement,we find a strong and negative relationship between the existence of ETFs on the index andthe time to efficiency.

This exploratory research, realized on the firms that constituted the CAC 40 index from 2000 to 2003, shows that cost reduction programs announcements have a positive impact on shareholders value. Stock market reactions depend on whether firms are in financial crisis or not but are independant of their informative content., Cette recherche exploratoire réalisée sur les entreprises du CAC 40 entre 2000 et 2003 montre que les annonces de programmes de réduction de coûts ont un impact positif sur les cours de bourse. Les réactions du marché dépendent de la santé financière de l'entreprise mais sont indépendantes du contenu informatif de l'annonce.

This paper examines the determinants of the time it takes for an index options market to be brought back to efficiency after put-call parity deviations, using intraday transactions data from the French CAC 40 index options over the August 2000 - July 2001 period. We address this issue through survival analysis which allows us to characterize how differences in market conditions influence the expected time before the market reaches the no-arbitrage relationship. We find that moneyness, maturity, trading volume as well as trade imbalances in call and put options, and volatility are important in understanding why some arbitrage opportunities disappear faster than others. After controlling for differences in the trading environnement, we find evidence of a negative relationship between the existence of ETFs on the index and the time to efficiency

Los Leveraged ETF (LETF) son productos diseñados para ofrecer un múltiplo diario positivo o negativo del rendimiento del índice de referencia. Se realiza por medio del apalancamiento, normalmente usando diferentes tipos de derivados, (futures, forwards y swaps Como el LETF busca obtener el múltiplo del rendimiento del mercado en una base diaria. El rendimiento para periodos mayores a un día, puede diferir del múltiplo del rendimiento del activo subyacente en el mismo periodo. Para ilustrar la estructura, el rendimiento y los riesgos que involucran estos productos, se aplica un método de simulación Monte Carlo a través del lenguaje de programación de código abierto Python.