Information and investor behavior surrounding earnings announcements

Preliminary version

The Sticky Information Macro Model: Beyond Perfect Foresight

Sticky information monetary models have been used in the macroeconomic literature to explain some of the observed features regarding inflation dynamics. In this paper, we explore the consequences of relaxing the rational expectations assumption usually taken in this type of model; in particular, by considering expectations formed through adaptive learning, it is possible to arrive to results other than the trivial convergence to a fixed point long-term equilibrium. The results involve the possibility of endogenous cyclical motion (periodic and a-periodic), which emerges essentially in scenarios of hyperinflation. In low inflation settings, the introduction of learning implies a less severe impact of monetary shocks that, nevertheless, tend to last for additional time periods relative to the pure perfect foresight setup.

Compression Efficiency Analysis of Wyner-Ziv Video Coding with Motion Compensated Side Information Interpolation

The Wyner-Ziv video coding (WZVC) rate distortion performance is highly dependent on the quality of the side information, an estimation of the original frame, created at the decoder. This paper, characterizes the WZVC efficiency when motion compensated frame interpolation (MCFI) techniques are used to generate the side information, a difficult problem in WZVC especially because the decoder only has available some reference decoded frames. The proposed WZVC compression efficiency rate model relates the power spectral of the estimation error to the accuracy of the MCFI motion field. Then, some interesting conclusions may be derived related to the impact of the motion field smoothness and the correlation to the true motion trajectories on the compression performance.

Direct Power Control of Matrix Converter Based Unified Power Flow Controllers

This paper presents the Direct Power Control of Three-Phase Matrix Converters (DPC-MC) operating as Unified Power Flow Controllers (UPFC). Since matrix converters allow direct AC/AC power conversion without intermediate energy storage link, the resulting UPFC has reduced volume and cost, together with higher reliability. Theoretical principles of DPC-MC method are established based on an UPFC model, together with a new direct power control approach based on sliding mode control techniques. As a result, active and reactive power can be directly controlled by selection of an appropriate switching state of matrix converter. This new direct power control approach associated to matrix converters technology guarantees decoupled active and reactive power control, zero error tracking, fast response times and timely control actions. Simulation results show good performance of the proposed system.

A flexible side information generation framework for distributed video coding

One of the most efficient approaches to generate the side information (SI) in distributed video codecs is through motion compensated frame interpolation where the current frame is estimated based on past and future reference frames. However, this approach leads to significant spatial and temporal variations in the correlation noise between the source at the encoder and the SI at the decoder. In such scenario, it would be useful to design an architecture where the SI can be more robustly generated at the block level, avoiding the creation of SI frame regions with lower correlation, largely responsible for some coding efficiency losses. In this paper, a flexible framework to generate SI at the block level in two modes is presented: while the first mode corresponds to a motion compensated interpolation (MCI) technique, the second mode corresponds to a motion compensated quality enhancement (MCQE) technique where a low quality Intra block sent by the encoder is used to generate the SI by doing motion estimation with the help of the reference frames. The novel MCQE mode can be overall advantageous from the rate-distortion point of view, even if some rate has to be invested in the low quality Intra coding blocks, for blocks where the MCI produces SI with lower correlation. The overall solution is evaluated in terms of RD performance with improvements up to 2 dB, especially for high motion video sequences and long Group of Pictures (GOP) sizes.

Aplicação de ferramentas de simulação de processos

Este trabalho foi efectuado com o propósito de interpretar, compreender e explicar algumas ferramentas de simulação de processos, em particular o Aspen Energy Analyzer (AEA), o Aspen Economic Evaluation (AEE) e o seu funcionamento integrado com o Aspen Hysys(AH). O AH é uma ferramenta de modelação de processos para a concepção de projectos de engenharia química, o AEA é uma ferramenta de modelação de redes de integração energética. O AEE integrado no AH é uma ferramenta que permite incorporar estudos económicos numa fase preliminar do desenvolvimento de um projecto de engenharia. A abordagem a este trabalho foi efectuada através do estudo de Casos. O Caso I foi baseado na resolução de um problema no AEA através da construção e optimização de uma rede de permutadores de calor. Os Casos II e III foram baseados na construção de um flowsheet de produção de Benzeno e de Cloreto de Vinil, respectivamente, e cada Caso foi dividido em dois cenários diferentes. Para o efeito foram utilizados os softwares AEA para a integração energética dos processos, o AH para construção do fluxograma do processo e o AEE para os estudos económicos dos diferentes cenários. Finalmente, os Casos IV e V dizem respeito à resolução de um problema de integração energética. O Caso IV foi baseado num problema de optimização da rede de permutadores através do aumento da sua área. Já o Caso V foi baseado na informação inicial das correntes do caso anterior e em dois cenários diferentes, nos quais foi estudada a influência dos preços das utilidades na construção da rede de permutadores. A conclusão foi que as ferramentas de modelação, particularmente o AH, o AEA e o AEE são uma mais-valia extraordinária para ajudar o utilizador na tomada de decisões em fases bastante preliminares da engenharia de processos.

Magma flow, exsolution processes and rock metasomatism in the Great Messejana-Plasencia dyke (Iberian Peninsula)

Magma flow in dykes is still not well understood; some reported magnetic fabrics are contradictory and the potential effects of exsolution and metasomatism processes on the magnetic properties are issues open to debate. Therefore, a long dyke made of segments with different thickness, which record distinct degrees of metasomatism, the Messejana-Plasencia dyke (MPD), was studied. Oriented dolerite samples were collected along several cross-sections and characterized by means of microscopy and magnetic analyses. The results obtained show that the effects of metasomatism on rock mineralogy are important, and that the metasomatic processes can greatly influence anisotropy degree and mean susceptibility only when rocks are strongly affected by metasomatism. Petrography, scanning electron microscopy (SEM) and bulk magnetic analyses show a high-temperature oxidation-exsolution event, experienced by the very early Ti-spinels, during the early stages of magma cooling, which was mostly observed in central domains of the thick dyke segments. Exsolution reduced the grain size of the magnetic carrier (multidomain to single domain transformation), thus producing composite fabrics involving inverse fabrics. These are likely responsible for a significant number of the 'abnormal' fabrics, which make the interpretation of magma flow much more complex. By choosing to use only the 'normal' fabric for magma flow determination, we have reduced by 50 per cent the number of relevant sites. In these sites, the imbrication angle of the magnetic foliation relative to dyke wall strongly suggests flow with end-members indicating vertical-dominated flow (seven sites) and horizontal-dominated flow (three sites).

Thick dyke emplacement and internal flow: A structural and magnetic fabric study of the deep-seated dolerite dyke of Foum Zguid (southern Morocco)

Knowledge on forced magma injection and magma flow in dykes is crucial for the understanding of how magmas migrate through the crust to the Earth's surface. Because many questions still persist, we used the long, thick, and deep-seated Foum Zguid dyke (Morocco) to investigate dyke emplacement and internal flow by means of magnetic methods, structural analysis, petrography, and scanning electron microscopy. We also investigated how the host rocks accommodated the intrusion. Regarding internal flow: 1. Important variations of the rock magnetic properties and magnetic fabric occur with distance from dyke wall; 2. anisotropy of anhysteretic remanent magnetization reveals that anisotropy of magnetic susceptibility (AMS) results mainly from the superposition of subfabrics with distinct coercivities and that the imbrication between magnetic foliation and dyke plane is more reliable to deduce flow than the orientation of the AMS maximum principal axis; and 3. a dominant upward flow near the margins can be inferred. The magnetic fabric closest to the dyke wall likely records magma flow best due to fast cooling, whereas in the core the magnetic properties have been affected by high-temperature exsolution and metasomatic effects due to slow cooling. Regarding dyke emplacement, this study shows that the thick forceful intrusion induced deformation by homogeneous flattening and/or folding of the host sedimentary strata. Dewatering related to heat, as recorded by thick quartz veins bordering the dyke in some localities, may have also helped accommodating dyke intrusion. The spatial arrangement of quartz veins and their geometrical relationship with the dyke indicate a preintrusive to synintrusive sinistral component of strike slip.

Advanced side information creation techniques and framework for Wyner-Ziv video coding

Recently, several distributed video coding (DVC) solutions based on the distributed source coding (DSC) paradigm have appeared in the literature. Wyner-Ziv (WZ) video coding, a particular case of DVC where side information is made available at the decoder, enable to achieve a flexible distribution of the computational complexity between the encoder and decoder, promising to fulfill novel requirements from applications such as video surveillance, sensor networks and mobile camera phones. The quality of the side information at the decoder has a critical role in determining the WZ video coding rate-distortion (RD) performance, notably to raise it to a level as close as possible to the RD performance of standard predictive video coding schemes. Towards this target, efficient motion search algorithms for powerful frame interpolation are much needed at the decoder. In this paper, the RD performance of a Wyner-Ziv video codec is improved by using novel, advanced motion compensated frame interpolation techniques to generate the side information. The development of these type of side information estimators is a difficult problem in WZ video coding, especially because the decoder only has available some reference, decoded frames. Based on the regularization of the motion field, novel side information creation techniques are proposed in this paper along with a new frame interpolation framework able to generate higher quality side information at the decoder. To illustrate the RD performance improvements, this novel side information creation framework has been integrated in a transform domain turbo coding based Wyner-Ziv video codec. Experimental results show that the novel side information creation solution leads to better RD performance than available state-of-the-art side information estimators, with improvements up to 2 dB: moreover, it allows outperforming H.264/AVC Intra by up to 3 dB with a lower encoding complexity.

Individual pension information: Recommendations for the case of Spain based on the experiences of other countries

The aim of this paper is to establish some basic guidelines to help draft the information letter sent to individual contributors should it be decided to use this model in the Spanish public pension system. With this end in mind and basing our work on the experiences of the most advanced countries in the field and the pioneering papers by Jackson (2005), Larsson et al. (2008) and Sunden (2009), we look into the concept of “individual pension information” and identify its most relevant characteristics. We then give a detailed description of two models, those in the United States and Sweden, and in particular look at how they are structured, what aspects could be improved and what their limitations are. Finally we make some recommendations of special interest for designing the model for Spain.

As variáveis condicionantes da previsão do cash flow operacional aplicado às Empresas Portuguesas de vestuário e calçado

O presente artigo tem por finalidade analisar os factores condicionantes da previsão do cash flow proveniente da actividade operacional, através do desenvolvimento de um modelo econométrico que foi estimado com base numa amostra seccional relativa ao ano de 2000 e constituída por 395 empresas portuguesas dos sectores do vestuário e calçado. O modelo foi estimado através do método de mínimos quadrados ordinário (MQO) com a correcção de White e, os resultados obtidos mostraram que o cash flow futuro é explicado pelas variáveis explicativas; recursos gerados na actividade operacional, dívidas de e a terceiros provenientes da actividade operacional e uma variável dummy que diferencia as empresas pelos dois sectores de actividade, todas desfasadas de um período (ano).

Avaliação de dados funcionais em repouso do cérebro normal: causalidade de Granger

Mestrado em Radiações Aplicadas às Tecnologias da Saúde. Área de especialização: Ressonância Magnética

Experiencing flow while teaching and learning in individual tuition settings

Conferência anual da ISME

Augmented LDPC Graph for Distributed Video Coding with Multiple Side Information

The advances made in channel-capacity codes, such as turbo codes and low-density parity-check (LDPC) codes, have played a major role in the emerging distributed source coding paradigm. LDPC codes can be easily adapted to new source coding strategies due to their natural representation as bipartite graphs and the use of quasi-optimal decoding algorithms, such as belief propagation. This paper tackles a relevant scenario in distributedvideo coding: lossy source coding when multiple side information (SI) hypotheses are available at the decoder, each one correlated with the source according to different correlation noise channels. Thus, it is proposed to exploit multiple SI hypotheses through an efficient joint decoding technique withmultiple LDPC syndrome decoders that exchange information to obtain coding efficiency improvements. At the decoder side, the multiple SI hypotheses are created with motion compensated frame interpolation and fused together in a novel iterative LDPC based Slepian-Wolf decoding algorithm. With the creation of multiple SI hypotheses and the proposed decoding algorithm, bitrate savings up to 8.0% are obtained for similar decoded quality.

Matrix Converter-Based Unified Power-Flow Controllers: Advanced Direct Power Control Method

This paper presents a direct power control (DPC) for three-phase matrix converters operating as unified power flow controllers (UPFCs). Matrix converters (MCs) allow the direct ac/ac power conversion without dc energy storage links; therefore, the MC-based UPFC (MC-UPFC) has reduced volume and cost, reduced capacitor power losses, together with higher reliability. Theoretical principles of direct power control (DPC) based on sliding mode control techniques are established for an MC-UPFC dynamic model including the input filter. As a result, line active and reactive power, together with ac supply reactive power, can be directly controlled by selecting an appropriate matrix converter switching state guaranteeing good steady-state and dynamic responses. Experimental results of DPC controllers for MC-UPFC show decoupled active and reactive power control, zero steady-state tracking error, and fast response times. Compared to an MC-UPFC using active and reactive power linear controllers based on a modified Venturini high-frequency PWM modulator, the experimental results of the advanced DPC-MC guarantee faster responses without overshoot and no steady-state error, presenting no cross-coupling in dynamic and steady-state responses.