Consumption, wealth, stock and housing returns: evidence from emerging markets

We test the predictive ability of the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, for both future equity and housing risk premia in emerging market economies. Using quarterly data for 31 markets, our country-level evidence shows that forecasting power of cay vis-à-vis stock returns is high for Brazil, China, Colombia, Israel, Korea, Latvia and Malaysia. As for housing returns, the empirical evidence suggests that financial and housing assets are perceived as complements in the case of Chile, Russia, South Africa and Thailand, and as substitutes in Argentina, Brazil, Hong Kong, Indonesia, Korea, Malaysia, Mexico and Taiwan. Using a panel econometric framework, we find that the cross-country heterogeneity observed in asset return predictability does not accrue to regional location, but can be attributed to differences in the degree of equity market development and in the level of income.

O ensino experimental das ciências: mudança concetual a partir das conceções alternativas dos alunos do 1.º Ciclo do Ensino Básico

Relatório de estágio de mestrado em Educação Pré-Escolar e Ensino do 1.º Ciclo do Ensino Básico

Further results on the inverse along an element in semigroups and rings

In this paper, we introduce a new notion in a semigroup $S$ as an extension of Mary's inverse. Let $a,d\in S$. An element $a$ is called left (resp. right) invertible along $d$ if there exists $b\in S$ such that $bad=d$ (resp. $dab=b$) and $b\leq_\mathcal{L}d$ (resp. $b\leq_\mathcal{R}d$). An existence criterion of this type inverse is derived. Moreover, several characterizations of left (right) regularity, left (right) $\pi$-regularity and left (right) $*$-regularity are given in a semigroup. Further, another existence criterion of this type inverse is given by means of a left (right) invertibility of certain elements in a ring. Finally we study the (left, right) inverse along a product in a ring, and, as an application, Mary's inverse along a matrix is expressed.