The risk-return trade-off in Europe: A temporal and cross-sectional analysis

This paper analyzes the risk-return trade-off in European equities considering both temporal and cross-sectional dimensions. In our analysis, we introduce not only the market portfolio but also 15 industry portfolios comprising the entire market. Several bivariate GARCH models are estimated to obtain the covariance matrix between excess market returns and the industrial portfolios and the existence of a risk-return trade-off is analyzed through a cross-sectional approach using the information in all portfolios. It is obtained evidence for a positive and significant risk-return trade-off in the European market. This conclusion is robust for different GARCH specifications and is even more evident after controlling for the main financial crisis during the sample period.

Commercial agents portfolio optimization in electricity markets

As it is well known, competitive electricity markets require new computing tools for power companies that operate in retail markets in order to enhance the management of its energy resources. During the last years there has been an increase of the renewable penetration into the micro-generation which begins to co-exist with the other existing power generation, giving rise to a new type of consumers. This paper develops a methodology to be applied to the management of the all the aggregators. The aggregator establishes bilateral contracts with its clients where the energy purchased and selling conditions are negotiated not only in terms of prices but also for other conditions that allow more flexibility in the way generation and consumption is addressed. The aggregator agent needs a tool to support the decision making in order to compose and select its customers' portfolio in an optimal way, for a given level of profitability and risk.

From seashore to seashore: the cross-Atlantic agenda of the publisher António de Sousa Pinto

During the whole of the nineteenth century and the first decades of the twentieth century the transatlantic book trade was plainly asymmetrical, with Brazil seen by book vendors in Portugal as a natural extension of their market, destined to import books — a situation due largely to the incipient nature of Brazilian book production. However, the rapid development of the Brazilian printing and publishing industry in the first half of the twentieth century brought profound changes in the circulation of print material and in the traditional movements in the transatlantic book trade. Aware of those changes, some publishers and booksellers sought ways of expanding their businesses, by creating new openings for the circulation of books between the two countries. Taking the particular case of António de Sousa Pinto and his three Luso-Brazilian publishing ventures of the 1940s (Livros de Portugal, Edições Dois Mundos and Livros do Brasil), this article tries to understand the way publishers behaved in bringing together the two sides of the Atlantic closer together for the Lusophone book.

Accessibility and Local Development: Interaction between Cross-border Accessibility and Local Development in Portugal and Spain

One of de EU major concerns is cohesion and cross-border regional development. Usually cross-border regions are less dynamic, acting as bottlenecks mainly in peripheral territories. This paper is focused on the Portuguese-Spanish border using socio-economic and accessibility data. It considers Spatial Econometrics to produce statistical evidence on the relationship between accessibility and development at a local scale. A pilot study is conducted on North and Center region using variables such as population age, graduation characteristics, migrations, unemployment and daily accessibility to main towns in future this evaluation will be applied to the entire cross-border area between Portugal and Spain.

Commercial agentes portfolio optimization in electricity markets

As it is well known, competitive electricity markets require new computing tools for power companies that operate in retail markets in order to enhance the management of its energy resources. During the last years there has been an increase of the renewable penetration into the micro-generation which begins to co-exist with the other existing power generation, giving rise to a new type of consumers. This paper develops a methodology to be applied to the management of the all the aggregators. The aggregator establishes bilateral contracts with its clients where the energy purchased and selling conditions are negotiated not only in terms of prices but also for other conditions that allow more flexibility in the way generation and consumption is addressed. The aggregator agent needs a tool to support the decision making in order to compose and select its customers' portfolio in an optimal way, for a given level of profitability and risk.

Solution-Processable Donor-Acceptor-Donor Oligomers with Cross-Linkable Functionality

Electron-acceptor units, combined with bithiophene substituted with flexible chains end-functionalized with cross-linkable moieties, provide soluble donor-acceptor-donor (DAD) it-conjugated oligomer-type molecules with cross-linking ability and broad absorption in the visible spectrum. A study on the cross-linking conditions of the new oligomers to yield insoluble polymer networks is presented, including conditions for obtaining polymer films over poly(3,4-ethylenedioxythiophene):polystyrene sulfonate-covered substrates. The combination of the DAD molecular design and cross-linking functionality opens prospects for applications in solution-processed small-molecule solar cells with morphologically-stable organic layers.

The tricks of the trade (un)exposed

One of the filmic trends which has been neglected by the Academy Awards is the metacinema, which for practical purposes I will consider to be a cross between the complexities of the self-reflexive cinema (highly connoted with modernism) and the Hollywood Film (the classical films about the urge to ‘make it’ in Hollywood). Indeed, these films have always existed and some, as Sunset Boulevard (Billy Wilder, 1950, USA) and Mulholland Dr. (David Lynch, 2001, FRA/USA), have even made it to the ceremony, but were, predictably, defeated in the main categories, by other more ‘serious’ or less self-reflexive products. The United States has always insisted on not revealing the tricks of the trade while, ironically, generating films that deal with this theme, in order to cater to the curiosity of the metacinema-inclined spectator. For this reason such films are usually about the universe of cinema but not its medium, at least not in a way that discloses the operations of the technical apparatus. Why are these films not viewed as serious enough and artistic enough to be awarded Oscars by the Academy in the categories of Best Picture, Best Director, Best Screenplay, and Best Cinematography? Are they being discarded for the same reasons that comedy and musicals usually are? Or are they being punished for being too unveiling? Or is the industry going for commercial products that can easily be pushed on a global scale and make a profit?