This dissertation consists of two parts. In the first chapter, we examine the relative performance of four options-based investment strategies versus a buy-and-hold strategy in the underlying stock. Specifically, using ten stocks widely held in 401(k) plans, we examine monthly returns from strategies that include a long stock position as one component. These strategies are long stock, covered call, protective put, collar, and covered combination. Ignoring early exercise for simplicity, we find that the covered combination and covered call strategies generally outperform the long stock strategy, which in turn generally outperforms the collar and protective put strategies regardless of the performance measure considered. Clearly, from the first chapter, strategies that involve writing options, in general, outperform the ones buying options. The second chapter provides a detailed study of the conditions where option writers can maximize returns while minimizing risk. The nonlinear nature of time value decay in options suggests that, theoretically, holding short positions only when the speed of time decay is high might improve the performance of option writing strategies. We examine monthly returns from five option strategies without a position in the underlying asset. These strategies are: short straddle, short strangle, short guts, “crash-neutral” short straddle, and long iron butterfly. The results from two portfolios are compared: a “benchmark” portfolio using standard SPX options that expire the following month and a weekly portfolio using SPXW options that expire at the end of the weekly holding period. The short strangle strategy with weekly options consistently outperforms the other strategies with both standard and weekly options, even after accounting for transaction costs. This finding suggests that short-dated out-of-the-money options can be useful in improving the risk-return characteristics of an option writing strategy. In an effort to improve the performance of the short straddle strategy, this chapter introduces an extremely short holding period portfolio, by stitching together three weekly option expirations into one week. Although the straddle still underperforms relative to the short strangle, the performance of the short straddle is improved by entering the market 15 minutes before the close and by using the extremely short holding period portfolios.

Le cuivre, souvent utilisé pour gérer les bactérioses en agriculture, est largement utilisé dans la lutte contre Xanthomonas citri pv. citri (Xcc), agent responsable du chancre asiatique des agrumes. La récente détection d’un phénotype résistant au cuivre (CuR) chez Xcc dans deux territoires ultramarins français a motivé une étude génomique qui a révélé, dans les génomes de souches CuR, la présence d’un plasmide conjugatif portant un transposon adaptatif de type Tn3. Sa conservation chez plusieurs espèces de Xanthomonas phytopathogènes suggère le rôle des transferts horizontaux (HGT) dans l’adaptation de Xcc. Nous avons donc analysé, dans l’océan Indien, les relations phylogénétiques de souches sensibles et CuR en prenant en compte à la fois les SNP et les variations de contenu en gènes. La datation de la phylogénie a permis de formuler des scenarii d’introduction de la bactérie dans la région. La phylogénie a montré une structure géographique forte à l’échelle de l’océan Indien, qui s’estompe à l’échelle de la Réunion et disparaît à l’échelle du verger. Au sein des vergers, l’admixture est un élément favorable aux HGT entre souches génétiquement différentes. Ils sont pourtant peu caractérisés chez les bactéries du genre Xanthomonas. Nous avons ainsi analysé la dispersion de l’ensemble des gènes plasmidiques connus de la famille des Xanthomonadaceae dans l’ensemble des génomes bactériens de NCBI, mettant en évidence à la fois la forte prévalence des gènes plasmidiques au sein des Xanthomonadaceae mais aussi la limite taxonomique forte à leur échange par conjugaison. L’importance du mosaïsme plasmidique, en partie lié aux éléments mobiles a aussi été illustrée. L’ensemble de nos résultats souligne l’importance des HGT dans l’évolution des bactéries du genre Xanthomonas, et la nécessité de caractériser finement le contenu et le fonctionnement du génome environnemental des Xanthomonadaceae pour appréhender au mieux l’adaptation de ces bactéries phytopathogènes. / Copper, frequently used in agriculture to control bacterial diseases, is commonly used against Xanthomonas citri pv. citri (Xcc), the bacterial agent of Asiatic citrus canker. The recent detection of a copper-resistant phenotype in two French overseas regions motivated a genomic study which revealed, in copper-resistant (CuR) strains, a conjugative plasmid encoding an adaptive transposon of the Tn3 family. Its conservation in several Xanthomonas species suggested the role of horizontal gene transfer (HGT) in Xcc adaptation. We therefore analyzed the evolutionary history of susceptible and CuR Xcc strains in the Indian Ocean using both SNP and gene content variations. The dating of the obtained phylogeny allowed us to hypothesize the history of Xcc introduction into the region. The phylogeny showed a strong geographic structure among islands of the Indian Ocean region, which faded at the Réunion scale and disappeared at the grove scale. Among the groves, admixture is a factor favoring HGT between genetically distinct strains. This form of evolution is however largely uncharacterized in the Xanthomonas genus. To fill this gap, we searched genetic homology between the whole known plasmid gene content of the Xanthomonadaceae family and the complete set of genomes hosted in NCBI databases. We highlighted both the ubiquity of plasmid genes in the Xanthomonadaceae family and the taxonomical barrier of their sharing by conjugation. The small fraction of genes that were exchanged through the complete sharing of plasmids also revealed the importance of plasmid mosaicism, partly due to mobile genetic elements. Taken together, our results highlight the importance of bacterial communities in the evolution of phytopathogenic bacteria of the Xanthomonas genus, and the need for a precise characterization of the content and the functioning of the Xanthomonadaceae environmental genome in order to fully apprehend the adaptation of these phytopathogenic bacteria.