Good deals in markets with frictions

This paper studies a portfolio choice problem such that the pricing rule may incorporate transaction costs and the risk measure is coherent and expectation bounded. We will prove the necessity of dealing with pricing rules such that there exists an essentially bounded stochastic discount factor, which must be also bounded from below by a strictly positive value. Otherwise good deals will be available to traders, i.e., depending on the selected risk measure, investors can build portfolios whose (risk, return) will be as close as desired to (−infinity, infinity) or (0, infinity). This pathologic property still holds for vector risk measures (i.e., if we minimize a vector valued function whose components are risk measures). It is worthwhile to point out that essentially bounded stochastic discount factors are not usual in financial literature. In particular, the most famous frictionless, complete and arbitrage free pricing models imply the existence of good deals for every coherent and expectation bounded (scalar or vector) measure of risk, and the incorporation of transaction costs will not guarantee the solution of this caveat.

Constructing good deals in discrete time arbitrage-free dynamic pricing models

Recent literature has proved that many classical pricing models (Black and Scholes, Heston, etc.) and risk measures (V aR, CV aR, etc.) may lead to “pathological meaningless situations”, since traders can build sequences of portfolios whose risk leveltends to −infinity and whose expected return tends to +infinity, i.e., (risk = −infinity, return = +infinity). Such a sequence of strategies may be called “good deal”. This paper focuses on the risk measures V aR and CV aR and analyzes this caveat in a discrete time complete pricing model. Under quite general conditions the explicit expression of a good deal is given, and its sensitivity with respect to some possible measurement errors is provided too. We point out that a critical property is the absence of short sales. In such a case we first construct a “shadow riskless asset” (SRA) without short sales and then the good deal is given by borrowing more and more money so as to invest in the SRA. It is also shown that the SRA is interested by itself, even if there are short selling restrictions.

The impact of family control on firm's return

Family firm is a field of growing interest. The aim of this article is to understand whether CEOs identity impacts family firm’s stock returns. From a sample of Portuguese and Spanish family firms findings show that who manages the firms result in significantly different risk exposure. Moreover, we find that the abnormal return found by Fahlenbrach (2009) to founder-controlled firms disappear when we use valueweighted portfolios and include two new factors: market aggregate illiquidity and debt intensity to the four-factor Carhart model. Finally, our results explain why the majority of family firm is controlled by its founder.

Leptonic mixing, family symmetries, and neutrino phenomenology

Tribimaximal leptonic mixing is a mass-independent mixing scheme consistent with the present solar and atmospheric neutrino data. By conveniently decomposing the effective neutrino mass matrix associated to it, we derive generic predictions in terms of the parameters governing the neutrino masses. We extend this phenomenological analysis to other mass-independent mixing schemes which are related to the tribimaximal form by a unitary transformation. We classify models that produce tribimaximal leptonic mixing through the group structure of their family symmetries in order to point out that there is often a direct connection between the group structure and the phenomenological analysis. The type of seesaw mechanism responsible for neutrino masses plays a role here, as it restricts the choices of family representations and affects the viability of leptogenesis. We also present a recipe to generalize a given tribimaximal model to an associated model with a different mass-independent mixing scheme, which preserves the connection between the group structure and phenomenology as in the original model. This procedure is explicitly illustrated by constructing toy models with the transpose tribimaximal, bimaximal, golden ratio, and hexagonal leptonic mixing patterns.

Geometric picture of generalized-CP and Higgs-family transformations in the two-Higgs-doublet model

In the two-Higgs-doublet model (THDM), generalized-CP transformations (phi(i) -> X-ij phi(*)(j) where X is unitary) and unitary Higgs-family transformations (phi(i) -> U-ij phi(j)) have recently been examined in a series of papers. In terms of gauge-invariant bilinear functions of the Higgs fields phi(i), the Higgs-family transformations and the generalized-CP transformations possess a simple geometric description. Namely, these transformations correspond in the space of scalar-field bilinears to proper and improper rotations, respectively. In this formalism, recent results relating generalized CP transformations with Higgs-family transformations have a clear geometric interpretation. We will review what is known regarding THDM symmetries, as well as derive new results concerning those symmetries, namely how they can be interpreted geometrically as applications of several CP transformations.

Representações e conceito dos pais sobre a qualidade da creche

Tendo em conta o aumento do número de estruturas de apoio à primeira infância, particularmente, a expansão da creche, a investigação tem-se debruçado sobre as questões da qualidade. A generalidade dos estudos centra-se na discriminação das dimensões de qualidade e o seu impacto no desenvolvimento das crianças. Contudo, raramente a representação dos pais tem sido alvo de estudo. Partindo do pressuposto que a discussão sobre a qualidade da creche deve ser baseado na evidência empírica mas é, também, um conceito social baseado nos valores e representações dos seus atores, fomos ouvir os pais. Assim, quisemos conhecer: Como escolhiam a creche do seu filho(a)? Qual o seu conceito de qualidade? Que valor atribuem às experiências vividas pelo seus filhos ou filhas na creche? Que representação têm do papel do profissional de educação? Para o efeito, planificámos uma investigação em duas fases correspondendo a dois estudos empíricos. O primeiro estudo tinha como objetivo aferir livremente as Representações dos Pais acerca da Creche numa abordagem qualitativa, com recurso a entrevistas. Das entrevistas procurámos conhecer a opinião de um pequeno grupo de 20 pais com objetivo de aferir indicadores para a construção de um questionário que daria lugar ao segundo estudo - quantitativo. O primeiro estudo daria-nos a noção da opinião e o segundo estudo a noção da sua representação numa amostra de 180 participantes. Tanto quanto conhecemos (pesquisando as bases nacionais) estudos desta natureza sobre as representação dos pais sobre a creche, ainda, não tinham sido realizados em Portugal. De modo geral, os dois estudos revelaram que os pais valorizam a creche como espaço de promoção do desenvolvimento da criança; valorizam a dimensão afetiva do trabalho em creche; as educadoras como profissionais qualificados de educação e o desejo de uma relação estreita, aberta e respeitosa entre a creche e a família. Estes resultados abrem caminho para uma reflexão mais aprofundada acerca das representações, convicções e valores da família em relação à creche. - ABSTRACT Associated with an increased number of support structures for early childhood, we have witnessed a growing interest in studying the quality of these listed structures due to the impact that this will have on the quality development of children. Parents, as primary educators and educational agents privileged child, assume a key role in this regard. Through this study is to evaluate which representations and concept of parents about the quality of daycare. We performed a literature search in order to fit theoretically the main concepts covered in this study. We analyzed investigations already carried out on Nursery and Regulations and Guidelines for National Nursery. In terms of empirical studies we conducted two studies on the Representations about the Parent Nursery: A Qualitative Analysis using interviews with 20 parents and a Quantitative Study applying questionnaires to 180 parents. The main results of both studies revealed that parents value the nursery as a space to promote child development; value the affective dimension of work in nursery; qualified educators and desire for a good and respectful relationship between nursery and the family. These results pave the way for a deeper reflection about the representations, beliefs and values from the family about nursery.

Antenas cornetas para o satélite CosmoGal

Trabalho Final de Mestrado para obtenção do grau de Mestre em Engenharia Electrónica e Telecomunicações

Inherently chiral calix[4]arenes with planar chirality: two new entries to the family

The synthesis of two new inherently chiral calix[4]arenes (ICCs, 1 and 2), endowed with electron-rich concave surfaces, has been achieved through the desymmetrization of a lower rim distal-bridged oxacyclophane (OCP) macrocycle. The new highly emissive ICCs were resolved by chiral HPLC, and the enantiomeric nature of the isolated antipodes proved by electronic circular dichroism (CD). Using time-dependent density functional calculations of CD spectra, their absolute configurations were established. NMR studies with (S)-Pirkle's alcohol unequivocally showed that the host-guest interactions occur in the chiral pocket comprehending the calix-OCP exo cavities and the carbazole moieties.