Project acronym A-LIFE
Project The asymmetry of life: towards a unified view of the emergence of biological homochirality
Researcher (PI) Cornelia MEINERT
Host Institution (HI) CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
Call Details Starting Grant (StG), PE4, ERC-2018-STG
Summary What is responsible for the emergence of homochirality, the almost exclusive use of one enantiomer over its mirror image? And what led to the evolution of life’s homochiral biopolymers, DNA/RNA, proteins and lipids, where all the constituent monomers exhibit the same handedness?
Based on in-situ observations and laboratory studies, we propose that this handedness occurs when chiral biomolecules are synthesized asymmetrically through interaction with circularly polarized photons in interstellar space. The ultimate goal of this project will be to demonstrate how the diverse set of heterogeneous enantioenriched molecules, available from meteoritic impact, assembles into homochiral pre-biopolymers, by simulating the evolutionary stages on early Earth. My recent research has shown that the central chiral unit of RNA, ribose, forms readily under simulated comet conditions and this has provided valuable new insights into the accessibility of precursors of genetic material in interstellar environments. The significance of this project arises due to the current lack of experimental demonstration that amino acids, sugars and lipids can simultaneously and asymmetrically be synthesized by a universal physical selection process.
A synergistic methodology will be developed to build a unified theory for the origin of all chiral biological building blocks and their assembly into homochiral supramolecular entities. For the first time, advanced analyses of astrophysical-relevant samples, asymmetric photochemistry triggered by circularly polarized synchrotron and laser sources, and chiral amplification due to polymerization processes will be combined. Intermediates and autocatalytic reaction kinetics will be monitored and supported by quantum calculations to understand the underlying processes. A unified theory on the asymmetric formation and self-assembly of life’s biopolymers is groundbreaking and will impact the whole conceptual foundation of the origin of life.
Summary
What is responsible for the emergence of homochirality, the almost exclusive use of one enantiomer over its mirror image? And what led to the evolution of life’s homochiral biopolymers, DNA/RNA, proteins and lipids, where all the constituent monomers exhibit the same handedness?
Based on in-situ observations and laboratory studies, we propose that this handedness occurs when chiral biomolecules are synthesized asymmetrically through interaction with circularly polarized photons in interstellar space. The ultimate goal of this project will be to demonstrate how the diverse set of heterogeneous enantioenriched molecules, available from meteoritic impact, assembles into homochiral pre-biopolymers, by simulating the evolutionary stages on early Earth. My recent research has shown that the central chiral unit of RNA, ribose, forms readily under simulated comet conditions and this has provided valuable new insights into the accessibility of precursors of genetic material in interstellar environments. The significance of this project arises due to the current lack of experimental demonstration that amino acids, sugars and lipids can simultaneously and asymmetrically be synthesized by a universal physical selection process.
A synergistic methodology will be developed to build a unified theory for the origin of all chiral biological building blocks and their assembly into homochiral supramolecular entities. For the first time, advanced analyses of astrophysical-relevant samples, asymmetric photochemistry triggered by circularly polarized synchrotron and laser sources, and chiral amplification due to polymerization processes will be combined. Intermediates and autocatalytic reaction kinetics will be monitored and supported by quantum calculations to understand the underlying processes. A unified theory on the asymmetric formation and self-assembly of life’s biopolymers is groundbreaking and will impact the whole conceptual foundation of the origin of life.
Max ERC Funding
1 500 000 €
Duration
Start date: 2019-04-01, End date: 2024-03-31
Project acronym AAATSI
Project Advanced Antenna Architecture for THZ Sensing Instruments
Researcher (PI) Andrea Neto
Host Institution (HI) TECHNISCHE UNIVERSITEIT DELFT
Call Details Starting Grant (StG), PE7, ERC-2011-StG_20101014
Summary The Tera-Hertz portion of the spectrum presents unique potentials for advanced applications. Currently the THz spectrum is revealing the mechanisms at the origin of our universe and provides the means to monitor the health of our planet via satellite based sensing of critical gases. Potentially time domain sensing of the THz spectrum will be the ideal tool for a vast variety of medical and security applications.
Presently, systems in the THz regime are extremely expensive and consequently the THz spectrum is still the domain of only niche (expensive) scientific applications. The main problems are the lack of power and sensitivity. The wide unused THz spectral bandwidth is, herself, the only widely available resource that in the future can compensate for these problems. But, so far, when scientists try to really use the bandwidth, they run into an insurmountable physical limit: antenna dispersion. Antenna dispersion modifies the signal’s spectrum in a wavelength dependent manner in all types of radiation, but is particularly deleterious to THz signals because the spectrum is too wide and with foreseeable technology it cannot be digitized.
The goal of this proposal is to introduce break-through antenna technology that will eliminate the dispersion bottle neck and revolutionize Time Domain sensing and Spectroscopic Space Science. Achieving these goals the project will pole vault THz imaging technology into the 21-th century and develop critically important enabling technologies which will satisfy the electrical engineering needs of the next 30 years and in the long run will enable multi Tera-bit wireless communications.
In order to achieve these goals, I will first build upon two major breakthrough radiation mechanisms that I pioneered: Leaky Lenses and Connected Arrays. Eventually, ultra wide band imaging arrays constituted by thousands of components will be designed on the bases of the new theoretical findings and demonstrated.
Summary
The Tera-Hertz portion of the spectrum presents unique potentials for advanced applications. Currently the THz spectrum is revealing the mechanisms at the origin of our universe and provides the means to monitor the health of our planet via satellite based sensing of critical gases. Potentially time domain sensing of the THz spectrum will be the ideal tool for a vast variety of medical and security applications.
Presently, systems in the THz regime are extremely expensive and consequently the THz spectrum is still the domain of only niche (expensive) scientific applications. The main problems are the lack of power and sensitivity. The wide unused THz spectral bandwidth is, herself, the only widely available resource that in the future can compensate for these problems. But, so far, when scientists try to really use the bandwidth, they run into an insurmountable physical limit: antenna dispersion. Antenna dispersion modifies the signal’s spectrum in a wavelength dependent manner in all types of radiation, but is particularly deleterious to THz signals because the spectrum is too wide and with foreseeable technology it cannot be digitized.
The goal of this proposal is to introduce break-through antenna technology that will eliminate the dispersion bottle neck and revolutionize Time Domain sensing and Spectroscopic Space Science. Achieving these goals the project will pole vault THz imaging technology into the 21-th century and develop critically important enabling technologies which will satisfy the electrical engineering needs of the next 30 years and in the long run will enable multi Tera-bit wireless communications.
In order to achieve these goals, I will first build upon two major breakthrough radiation mechanisms that I pioneered: Leaky Lenses and Connected Arrays. Eventually, ultra wide band imaging arrays constituted by thousands of components will be designed on the bases of the new theoretical findings and demonstrated.
Max ERC Funding
1 499 487 €
Duration
Start date: 2011-11-01, End date: 2017-10-31
Project acronym AArteMIS
Project Aneurysmal Arterial Mechanics: Into the Structure
Researcher (PI) Pierre Joseph Badel
Host Institution (HI) ASSOCIATION POUR LA RECHERCHE ET LE DEVELOPPEMENT DES METHODES ET PROCESSUS INDUSTRIELS
Call Details Starting Grant (StG), PE8, ERC-2014-STG
Summary The rupture of an Aortic Aneurysm (AA), which is often lethal, is a mechanical phenomenon that occurs when the wall stress state exceeds the local strength of the tissue. Our current understanding of arterial rupture mechanisms is poor, and the physics taking place at the microscopic scale in these collagenous structures remains an open area of research. Understanding, modelling, and quantifying the micro-mechanisms which drive the mechanical response of such tissue and locally trigger rupture represents the most challenging and promising pathway towards predictive diagnosis and personalized care of AA.
The PI's group was recently able to detect, in advance, at the macro-scale, rupture-prone areas in bulging arterial tissues. The next step is to get into the details of the arterial microstructure to elucidate the underlying mechanisms.
Through the achievements of AArteMIS, the local mechanical state of the fibrous microstructure of the tissue, especially close to its rupture state, will be quantitatively analyzed from multi-photon confocal microscopy and numerically reconstructed to establish quantitative micro-scale rupture criteria. AArteMIS will also address developing micro-macro models which are based on the collected quantitative data.
The entire project will be completed through collaboration with medical doctors and engineers, experts in all required fields for the success of AArteMIS.
AArteMIS is expected to open longed-for pathways for research in soft tissue mechanobiology which focuses on cell environment and to enable essential clinical applications for the quantitative assessment of AA rupture risk. It will significantly contribute to understanding fatal vascular events and improving cardiovascular treatments. It will provide a tremendous source of data and inspiration for subsequent applications and research by answering the most fundamental questions on AA rupture behaviour enabling ground-breaking clinical changes to take place.
Summary
The rupture of an Aortic Aneurysm (AA), which is often lethal, is a mechanical phenomenon that occurs when the wall stress state exceeds the local strength of the tissue. Our current understanding of arterial rupture mechanisms is poor, and the physics taking place at the microscopic scale in these collagenous structures remains an open area of research. Understanding, modelling, and quantifying the micro-mechanisms which drive the mechanical response of such tissue and locally trigger rupture represents the most challenging and promising pathway towards predictive diagnosis and personalized care of AA.
The PI's group was recently able to detect, in advance, at the macro-scale, rupture-prone areas in bulging arterial tissues. The next step is to get into the details of the arterial microstructure to elucidate the underlying mechanisms.
Through the achievements of AArteMIS, the local mechanical state of the fibrous microstructure of the tissue, especially close to its rupture state, will be quantitatively analyzed from multi-photon confocal microscopy and numerically reconstructed to establish quantitative micro-scale rupture criteria. AArteMIS will also address developing micro-macro models which are based on the collected quantitative data.
The entire project will be completed through collaboration with medical doctors and engineers, experts in all required fields for the success of AArteMIS.
AArteMIS is expected to open longed-for pathways for research in soft tissue mechanobiology which focuses on cell environment and to enable essential clinical applications for the quantitative assessment of AA rupture risk. It will significantly contribute to understanding fatal vascular events and improving cardiovascular treatments. It will provide a tremendous source of data and inspiration for subsequent applications and research by answering the most fundamental questions on AA rupture behaviour enabling ground-breaking clinical changes to take place.
Max ERC Funding
1 499 783 €
Duration
Start date: 2015-04-01, End date: 2020-03-31
Project acronym AAS
Project Approximate algebraic structure and applications
Researcher (PI) Ben Green
Host Institution (HI) THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
Call Details Starting Grant (StG), PE1, ERC-2011-StG_20101014
Summary This project studies several mathematical topics with a related theme, all of them part of the relatively new discipline known as additive combinatorics.
We look at approximate, or rough, variants of familiar mathematical notions such as group, polynomial or homomorphism. In each case we seek to describe the structure of these approximate objects, and then to give applications of the resulting theorems. This endeavour has already lead to groundbreaking results in the theory of prime numbers, group theory and combinatorial number theory.
Summary
This project studies several mathematical topics with a related theme, all of them part of the relatively new discipline known as additive combinatorics.
We look at approximate, or rough, variants of familiar mathematical notions such as group, polynomial or homomorphism. In each case we seek to describe the structure of these approximate objects, and then to give applications of the resulting theorems. This endeavour has already lead to groundbreaking results in the theory of prime numbers, group theory and combinatorial number theory.
Max ERC Funding
1 000 000 €
Duration
Start date: 2011-10-01, End date: 2016-09-30
Project acronym ABINITIODGA
Project Ab initio Dynamical Vertex Approximation
Researcher (PI) Karsten Held
Host Institution (HI) TECHNISCHE UNIVERSITAET WIEN
Call Details Starting Grant (StG), PE3, ERC-2012-StG_20111012
Summary Some of the most fascinating physical phenomena are experimentally observed in strongly correlated electron systems and, on the theoretical side, only poorly understood hitherto. The aim of the ERC project AbinitioDGA is the development, implementation and application of a new, 21th century method for the ab initio calculation of materials with such strong electronic correlations. AbinitioDGA includes strong electronic correlations on all time and length scales and hence is a big step beyond the state-of-the-art methods, such as the local density approximation, dynamical mean field theory, and the GW approach (Green function G times screened interaction W). It has the potential for an extraordinary high impact not only in the field of computational materials science but also for a better understanding of quantum critical heavy fermion systems, high-temperature superconductors, and transport through nano- and heterostructures. These four physical problems and related materials will be studied within the ERC project, besides the methodological development.
On the technical side, AbinitioDGA realizes Hedin's idea to include vertex corrections beyond the GW approximation. All vertex corrections which can be traced back to a fully irreducible local vertex and the bare non-local Coulomb interaction are included. This way, AbinitioDGA does not only contain the GW physics of screened exchange and the strong local correlations of dynamical mean field theory but also non-local correlations beyond on all length scales. Through the latter, AbinitioDGA can prospectively describe phenomena such as quantum criticality, spin-fluctuation mediated superconductivity, and weak localization corrections to the conductivity. Nonetheless, the computational effort is still manageable even for realistic materials calculations, making the considerable effort to implement AbinitioDGA worthwhile.
Summary
Some of the most fascinating physical phenomena are experimentally observed in strongly correlated electron systems and, on the theoretical side, only poorly understood hitherto. The aim of the ERC project AbinitioDGA is the development, implementation and application of a new, 21th century method for the ab initio calculation of materials with such strong electronic correlations. AbinitioDGA includes strong electronic correlations on all time and length scales and hence is a big step beyond the state-of-the-art methods, such as the local density approximation, dynamical mean field theory, and the GW approach (Green function G times screened interaction W). It has the potential for an extraordinary high impact not only in the field of computational materials science but also for a better understanding of quantum critical heavy fermion systems, high-temperature superconductors, and transport through nano- and heterostructures. These four physical problems and related materials will be studied within the ERC project, besides the methodological development.
On the technical side, AbinitioDGA realizes Hedin's idea to include vertex corrections beyond the GW approximation. All vertex corrections which can be traced back to a fully irreducible local vertex and the bare non-local Coulomb interaction are included. This way, AbinitioDGA does not only contain the GW physics of screened exchange and the strong local correlations of dynamical mean field theory but also non-local correlations beyond on all length scales. Through the latter, AbinitioDGA can prospectively describe phenomena such as quantum criticality, spin-fluctuation mediated superconductivity, and weak localization corrections to the conductivity. Nonetheless, the computational effort is still manageable even for realistic materials calculations, making the considerable effort to implement AbinitioDGA worthwhile.
Max ERC Funding
1 491 090 €
Duration
Start date: 2013-01-01, End date: 2018-07-31
Project acronym ABIOS
Project ABIOtic Synthesis of RNA: an investigation on how life started before biology existed
Researcher (PI) Guillaume STIRNEMANN
Host Institution (HI) CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
Call Details Starting Grant (StG), PE4, ERC-2017-STG
Summary The emergence of life is one of the most fascinating and yet largely unsolved questions in the natural sciences, and thus a significant challenge for scientists from many disciplines. There is growing evidence that ribonucleic acid (RNA) polymers, which are capable of genetic information storage and self-catalysis, were involved in the early forms of life. But despite recent progress, RNA synthesis without biological machineries is very challenging. The current project aims at understanding how to synthesize RNA in abiotic conditions. I will solve problems associated with three critical aspects of RNA formation that I will rationalize at a molecular level: (i) accumulation of precursors, (ii) formation of a chemical bond between RNA monomers, and (iii) tolerance for alternative backbone sugars or linkages. Because I will study problems ranging from the formation of chemical bonds up to the stability of large biopolymers, I propose an original computational multi-scale approach combining techniques that range from quantum calculations to large-scale all-atom simulations, employed together with efficient enhanced-sampling algorithms, forcefield improvement, cutting-edge analysis methods and model development.
My objectives are the following:
1 • To explain why the poorly-understood thermally-driven process of thermophoresis can contribute to the accumulation of dilute precursors.
2 • To understand why linking RNA monomers with phosphoester bonds is so difficult, to understand the molecular mechanism of possible catalysts and to suggest key improvements.
3 • To rationalize the molecular basis for RNA tolerance for alternative backbone sugars or linkages that have probably been incorporated in abiotic conditions.
This unique in-silico laboratory setup should significantly impact our comprehension of life’s origin by overcoming major obstacles to RNA abiotic formation, and in addition will reveal significant orthogonal outcomes for (bio)technological applications.
Summary
The emergence of life is one of the most fascinating and yet largely unsolved questions in the natural sciences, and thus a significant challenge for scientists from many disciplines. There is growing evidence that ribonucleic acid (RNA) polymers, which are capable of genetic information storage and self-catalysis, were involved in the early forms of life. But despite recent progress, RNA synthesis without biological machineries is very challenging. The current project aims at understanding how to synthesize RNA in abiotic conditions. I will solve problems associated with three critical aspects of RNA formation that I will rationalize at a molecular level: (i) accumulation of precursors, (ii) formation of a chemical bond between RNA monomers, and (iii) tolerance for alternative backbone sugars or linkages. Because I will study problems ranging from the formation of chemical bonds up to the stability of large biopolymers, I propose an original computational multi-scale approach combining techniques that range from quantum calculations to large-scale all-atom simulations, employed together with efficient enhanced-sampling algorithms, forcefield improvement, cutting-edge analysis methods and model development.
My objectives are the following:
1 • To explain why the poorly-understood thermally-driven process of thermophoresis can contribute to the accumulation of dilute precursors.
2 • To understand why linking RNA monomers with phosphoester bonds is so difficult, to understand the molecular mechanism of possible catalysts and to suggest key improvements.
3 • To rationalize the molecular basis for RNA tolerance for alternative backbone sugars or linkages that have probably been incorporated in abiotic conditions.
This unique in-silico laboratory setup should significantly impact our comprehension of life’s origin by overcoming major obstacles to RNA abiotic formation, and in addition will reveal significant orthogonal outcomes for (bio)technological applications.
Max ERC Funding
1 497 031 €
Duration
Start date: 2018-02-01, End date: 2023-01-31
Project acronym ABLASE
Project Advanced Bioderived and Biocompatible Lasers
Researcher (PI) Malte Christian Gather
Host Institution (HI) THE UNIVERSITY COURT OF THE UNIVERSITY OF ST ANDREWS
Call Details Starting Grant (StG), PE3, ERC-2014-STG
Summary Naturally occurring optical phenomena attract great attention and transform our ability to study biological processes, with “the discovery and development of the green fluorescent protein (GFP)” (Nobel Prize in Chemistry 2008) being a particularly successful example. Although found only in very few species in nature, most organisms can be genetically programmed to produce the brightly fluorescent GFP molecules. Combined with modern fluorescence detection schemes, this has led to entirely new ways of monitoring biological processes. The applicant now demonstrated a biological laser – a completely novel, living source of coherent light based on a single biological cell bioengineered to produce GFP. Such a laser is intrinsically biocompatible, thus offering unique properties not shared by any existing laser. However, the physical processes involved in lasing from GFP remain poorly understood and so far biological lasers rely on bulky, impractical external resonators for optical feedback. Within this project, the applicant and his team will develop for the first time an understanding of stimulated emission in GFP and related proteins and create an unprecedented stand-alone single-cell biolaser based on intracellular optical feedback. These lasers will be deployed as microscopic and biocompatible imaging probes, thus opening in vivo microscopy to dense wavelength-multiplexing and enabling unmatched sensing of biomolecules and mechanical pressure. The evolutionarily evolved nano-structure of GFP will also enable novel ways of studying strong light-matter coupling and will bio-inspire advances of synthetic emitters. The proposed project is inter-disciplinary by its very nature, bridging photonics, genetic engineering and material science. The applicant’s previous pioneering work and synergies with work on other lasers developed at the applicant’s host institution provide an exclusive competitive edge. ERC support would transform this into a truly novel field of research.
Summary
Naturally occurring optical phenomena attract great attention and transform our ability to study biological processes, with “the discovery and development of the green fluorescent protein (GFP)” (Nobel Prize in Chemistry 2008) being a particularly successful example. Although found only in very few species in nature, most organisms can be genetically programmed to produce the brightly fluorescent GFP molecules. Combined with modern fluorescence detection schemes, this has led to entirely new ways of monitoring biological processes. The applicant now demonstrated a biological laser – a completely novel, living source of coherent light based on a single biological cell bioengineered to produce GFP. Such a laser is intrinsically biocompatible, thus offering unique properties not shared by any existing laser. However, the physical processes involved in lasing from GFP remain poorly understood and so far biological lasers rely on bulky, impractical external resonators for optical feedback. Within this project, the applicant and his team will develop for the first time an understanding of stimulated emission in GFP and related proteins and create an unprecedented stand-alone single-cell biolaser based on intracellular optical feedback. These lasers will be deployed as microscopic and biocompatible imaging probes, thus opening in vivo microscopy to dense wavelength-multiplexing and enabling unmatched sensing of biomolecules and mechanical pressure. The evolutionarily evolved nano-structure of GFP will also enable novel ways of studying strong light-matter coupling and will bio-inspire advances of synthetic emitters. The proposed project is inter-disciplinary by its very nature, bridging photonics, genetic engineering and material science. The applicant’s previous pioneering work and synergies with work on other lasers developed at the applicant’s host institution provide an exclusive competitive edge. ERC support would transform this into a truly novel field of research.
Max ERC Funding
1 499 875 €
Duration
Start date: 2015-06-01, End date: 2020-05-31
Project acronym ABRSEIST
Project Antibiotic Resistance: Socio-Economic Determinants and the Role of Information and Salience in Treatment Choice
Researcher (PI) Hannes ULLRICH
Host Institution (HI) DEUTSCHES INSTITUT FUR WIRTSCHAFTSFORSCHUNG DIW (INSTITUT FUR KONJUNKTURFORSCHUNG) EV
Call Details Starting Grant (StG), SH1, ERC-2018-STG
Summary Antibiotics have contributed to a tremendous increase in human well-being, saving many millions of lives. However, antibiotics become obsolete the more they are used as selection pressure promotes the development of resistant bacteria. The World Health Organization has proclaimed antibiotic resistance as a major global threat to public health. Today, 700,000 deaths per year are due to untreatable infections. To win the battle against antibiotic resistance, new policies affecting the supply and demand of existing and new drugs must be designed. I propose new research to identify and evaluate feasible and effective demand-side policy interventions targeting the relevant decision makers: physicians and patients. ABRSEIST will make use of a broad econometric toolset to identify mechanisms linking antibiotic resistance and consumption exploiting a unique combination of physician-patient-level antibiotic resistance, treatment, and socio-economic data. Using machine learning methods adapted for causal inference, theory-driven structural econometric analysis, and randomization in the field it will provide rigorous evidence on effective intervention designs. This research will improve our understanding of how prescribing, resistance, and the effect of antibiotic use on resistance, are distributed in the general population which has important implications for the design of targeted interventions. It will then estimate a structural model of general practitioners’ acquisition and use of information under uncertainty about resistance in prescription choice, allowing counterfactual analysis of information-improving policies such as mandatory diagnostic testing. The large-scale and structural econometric analyses allow flexible identification of physician heterogeneity, which ABRSEIST will exploit to design and evaluate targeted, randomized information nudges in the field. The result will be improved rational use and a toolset applicable in contexts of antibiotic prescribing.
Summary
Antibiotics have contributed to a tremendous increase in human well-being, saving many millions of lives. However, antibiotics become obsolete the more they are used as selection pressure promotes the development of resistant bacteria. The World Health Organization has proclaimed antibiotic resistance as a major global threat to public health. Today, 700,000 deaths per year are due to untreatable infections. To win the battle against antibiotic resistance, new policies affecting the supply and demand of existing and new drugs must be designed. I propose new research to identify and evaluate feasible and effective demand-side policy interventions targeting the relevant decision makers: physicians and patients. ABRSEIST will make use of a broad econometric toolset to identify mechanisms linking antibiotic resistance and consumption exploiting a unique combination of physician-patient-level antibiotic resistance, treatment, and socio-economic data. Using machine learning methods adapted for causal inference, theory-driven structural econometric analysis, and randomization in the field it will provide rigorous evidence on effective intervention designs. This research will improve our understanding of how prescribing, resistance, and the effect of antibiotic use on resistance, are distributed in the general population which has important implications for the design of targeted interventions. It will then estimate a structural model of general practitioners’ acquisition and use of information under uncertainty about resistance in prescription choice, allowing counterfactual analysis of information-improving policies such as mandatory diagnostic testing. The large-scale and structural econometric analyses allow flexible identification of physician heterogeneity, which ABRSEIST will exploit to design and evaluate targeted, randomized information nudges in the field. The result will be improved rational use and a toolset applicable in contexts of antibiotic prescribing.
Max ERC Funding
1 498 920 €
Duration
Start date: 2019-01-01, End date: 2023-12-31
Project acronym ACAP
Project Acency Costs and Asset Pricing
Researcher (PI) Thomas Mariotti
Host Institution (HI) FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES
Call Details Starting Grant (StG), SH1, ERC-2007-StG
Summary The main objective of this research project is to contribute at bridging the gap between the two main branches of financial theory, namely corporate finance and asset pricing. It is motivated by the conviction that these two aspects of financial activity should and can be analyzed within a unified framework. This research will borrow from these two approaches in order to construct theoretical models that allow one to analyze the design and issuance of financial securities, as well as the dynamics of their valuations. Unlike asset pricing, which takes as given the price of the fundamentals, the goal is to derive security price processes from a precise description of firm’s operations and internal frictions. Regarding the latter, and in line with traditional corporate finance theory, the analysis will emphasize the role of agency costs within the firm for the design of its securities. But the analysis will be pushed one step further by studying the impact of these agency costs on key financial variables such as stock and bond prices, leverage, book-to-market ratios, default risk, or the holding of liquidities by firms. One of the contributions of this research project is to show how these variables are interrelated when firms and investors agree upon optimal financial arrangements. The final objective is to derive a rich set of testable asset pricing implications that would eventually be brought to the data.
Summary
The main objective of this research project is to contribute at bridging the gap between the two main branches of financial theory, namely corporate finance and asset pricing. It is motivated by the conviction that these two aspects of financial activity should and can be analyzed within a unified framework. This research will borrow from these two approaches in order to construct theoretical models that allow one to analyze the design and issuance of financial securities, as well as the dynamics of their valuations. Unlike asset pricing, which takes as given the price of the fundamentals, the goal is to derive security price processes from a precise description of firm’s operations and internal frictions. Regarding the latter, and in line with traditional corporate finance theory, the analysis will emphasize the role of agency costs within the firm for the design of its securities. But the analysis will be pushed one step further by studying the impact of these agency costs on key financial variables such as stock and bond prices, leverage, book-to-market ratios, default risk, or the holding of liquidities by firms. One of the contributions of this research project is to show how these variables are interrelated when firms and investors agree upon optimal financial arrangements. The final objective is to derive a rich set of testable asset pricing implications that would eventually be brought to the data.
Max ERC Funding
1 000 000 €
Duration
Start date: 2008-11-01, End date: 2014-10-31
Project acronym ACCLAIM
Project Aerosols effects on convective clouds and climate
Researcher (PI) Philip Stier
Host Institution (HI) THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
Call Details Starting Grant (StG), PE10, ERC-2011-StG_20101014
Summary Clouds play a key role in the climate system. Small anthropogenic perturbations of the cloud system potentially have large radiative effects. Aerosols perturb the global radiation budget directly, by scattering and absorption, as well as indirectly, by the modification of cloud properties and occurrence. The applicability of traditional conceptual models of indirect aerosol effects to convective clouds is disputed as cloud dynamics complicates the picture.
Strong evidence for numerous aerosol effects on convection has been established in individual disciplines: through remote sensing and in-situ observations as well as by cloud resolving and global modelling. However, a coherent scientific view of the effects of aerosols on convection has yet to be established.
The primary objective of ACCLAIM is to recast the effects of aerosols on convective clouds as basis for improved global estimates of anthropogenic climate effects. Specific objectives include: i) to unravel the governing principles of aerosol effects on convective clouds; ii) provide quantitative constraints on satellite-retrieved relationships between convective clouds and aerosols; and ultimately iii) to enable global climate models to represent the full range of anthropogenic climate perturbations and quantify the climate response to aerosol effects on convective clouds.
I have developed the research strategy of ACCLAIM to overcome disciplinary barriers in this frontier research area and seek five years of funding to establish an interdisciplinary, physics focused, research group consisting of two PostDocs, two PhD students and myself. ACCLAIM will be centred around global aerosol-convection climate modelling studies, complemented by research constraining aerosol-convection interactions through remote sensing and a process focused research strand, advancing fundamental understanding and global model parameterisations through high resolution aerosol-cloud modelling in synergy with in-situ observations.
Summary
Clouds play a key role in the climate system. Small anthropogenic perturbations of the cloud system potentially have large radiative effects. Aerosols perturb the global radiation budget directly, by scattering and absorption, as well as indirectly, by the modification of cloud properties and occurrence. The applicability of traditional conceptual models of indirect aerosol effects to convective clouds is disputed as cloud dynamics complicates the picture.
Strong evidence for numerous aerosol effects on convection has been established in individual disciplines: through remote sensing and in-situ observations as well as by cloud resolving and global modelling. However, a coherent scientific view of the effects of aerosols on convection has yet to be established.
The primary objective of ACCLAIM is to recast the effects of aerosols on convective clouds as basis for improved global estimates of anthropogenic climate effects. Specific objectives include: i) to unravel the governing principles of aerosol effects on convective clouds; ii) provide quantitative constraints on satellite-retrieved relationships between convective clouds and aerosols; and ultimately iii) to enable global climate models to represent the full range of anthropogenic climate perturbations and quantify the climate response to aerosol effects on convective clouds.
I have developed the research strategy of ACCLAIM to overcome disciplinary barriers in this frontier research area and seek five years of funding to establish an interdisciplinary, physics focused, research group consisting of two PostDocs, two PhD students and myself. ACCLAIM will be centred around global aerosol-convection climate modelling studies, complemented by research constraining aerosol-convection interactions through remote sensing and a process focused research strand, advancing fundamental understanding and global model parameterisations through high resolution aerosol-cloud modelling in synergy with in-situ observations.
Max ERC Funding
1 429 243 €
Duration
Start date: 2011-09-01, End date: 2017-02-28