The EU ban on uncovered sovereign credit default swaps: assessing impacts on liquidity, volatility and price discovery

This article addresses the effects of the prohibition against naked CDS buying implemented by the European Union in November 2012. Three aspects of market quality are analyzed: liquidity, volatility, and price informativeness. Overall, our results suggest that the ban produced negative effects on liquidity and price informativeness. First, we find that in territories within the scope of the EU regulation, the bid–ask spreads on sovereign CDS contracts rose after the ban, but fell for countries outside its bounds. Open interest declined for both groups of CDS reference entities in our sample, but significantly more in the constraint group. Price delay increased more prominently for countries affected by the ban, whereas price precision decreased for these countries while increasing for CDSs written on other sovereign reference entities. Most notably, our findings indicate that hese negative effects were more pronounced amid reference entities exhibiting lower credit risk. With respect to volatility, the evidence suggests that the ban was successful in stabilizing the CDS market in that volatility decreased, particularly for contracts written on riskier CDS entities.

Avaliação do potencial reprodutivo de touros através do exame andrológico

Este trabalho refere-se às atividades do estágio de Mestrado Integrado em Medicina Veterinária, apresentando-se casuística no âmbito dos planos sanitários e atividade clínica acompanhados. Como tema para discussão optou-se pela avaliação de touros através do exame andrológico. Após revisão bibliográfica analisaram-se dados obtidos pela VetAl (2008- 2012) caracterizando a população dos touros de carne no Sul de Portugal. Dos 184 touros avaliados foram aprovados 72,28 %, aumentando a probabilidade de reprovação tendencialmente com idade. Em parâmetros reprodutivos importantes como perímetro testicular existe influência de: idade (p<0,001), raça (p<0,05) e Pontuação da Condição Corporal (PCC) (p<0,05). Encontraram-se correlações significativas entre parâmetros tais como perímetro testicular e idade (p<0,001; r=0,52), PCC e parâmetros seminais microscópicos (p<0,05) e dos vários parâmetros entre si. O exame andrológico é essencial para estimar o potencial reprodutivo dos touros e importa fomentar a sua realização em Portugal para melhorar os níveis de fertilidade e rentabilidade das explorações; Abstract Rating of bulls’ reproductive potential through breeding soundness evaluation This document reports the activities of the traineeship for the Master in Veterinary Medicine, including the presentation of the number of cases attended during herd health plans and clinical activity. The theme chosen for discussion was bull fertility through breeding soundness evaluation. Data obtained by Vetal (2008-2012) were analyzed, according to the state of the art, with the aim of characterizing beef bulls’ population in Southern Portugal. Out of 184 bulls evaluated, 72,28 % were approved, unsuccessful outcome apparently increases with age. Scrotal circumference was significantly influenced by: age (p<0,001), breed (p<0,05) and Body Condition Scoring (BCS) (p<0,05). Correlations were significant between scrotal circumference and age (p<0,001; r=0,52), between BCS and microscopic semen evaluation parameters (p<0,05) and between these semen evaluation parameters. The breeding soundness evaluation is essential to assess bulls’ reproductive potential and routine performance of this exam should be encouraged in Portugal to improve fertility and herd profitability.