Introducing risk parity on momentum and carry portfolios

The momentum and carry anomalies have been extensively documented in the literature. However, there are still many issues relating to the risks associated to them that are left unexplained. One is the fact that an investor holds for too long the most volatile assets, both under momentum and carry strategies. Therefore, they present a level of risk and a probability of extreme events to happen inconsistent. This work project hypothesizes and proves the introduction of risk parity rules on the weights of the portfolios do increase risk rewarding of carry strategies. However, it fails under momentum strategies.

Testing for tail breaks in currency returns

In this work project we study the tail properties of currency returns and analyze whether changes in the tail indices of these series have occurred over time as a consequence of turbulent periods. Our analysis is based on the methods introduced by Quintos, Fan and Phillips (2001), Candelon and Straetmans (2006, 2013), and their extensions. Specifically, considering a sample of daily data from December 31, 1993 to February 13, 2015 we apply the recursive test in calendar time (forward test) and in reverse calendar time (backward test) and indeed detect falls and rises in the tail indices, signifying increases and decreases in the probability of extreme events.

Politicization of non-political events

Spatial analysis and social network analysis typically take into consideration social processes in specific contexts of geographical or network space. The research in political science increasingly strives to model heterogeneity and spatial dependence. To better understand and geographically model the relationship between “non-political” events, streaming data from social networks, and political climate was the primary objective of the current study. Geographic information systems (GIS) are useful tools in the organization and analysis of streaming data from social networks. In this study, geographical and statistical analysis were combined in order to define the temporal and spatial nature of the data eminating from the popular social network Twitter during the 2014 FIFA World Cup. The study spans the entire globe because Twitter’s geotagging function, the fundamental data that makes this study possible, is not limited to a geographic area. By examining the public reactions to an inherenlty non-political event, this study serves to illuminate broader questions about social behavior and spatial dependence. From a practical perspective, the analyses demonstrate how the discussion of political topics fluсtuate according to football matches. Tableau and Rapidminer, in addition to a set basic statistical methods, were applied to find patterns in the social behavior in space and time in different geographic regions. It was found some insight into the relationship between an ostensibly non-political event – the World Cup - and public opinion transmitted by social media. The methodology could serve as a prototype for future studies and guide policy makers in governmental and non-governmental organizations in gauging the public opinion in certain geographic locations.

How much cultural events are "worth" for host communities: Case of Faz Música Lisboa

This paper studies the economic and social impact of Faz Música Lisboa on the segment of society that feels from any direct or indirect consequence due to its existence. A qualitative research based on surveys and interviews is made to retract a list of the benefits and costs that each stakeholder perceives. Relying on the quantifiable variables, it is performed a cost-benefit analysis to measure how much the event is “worth” for the community. I conclude this is a viable project, as it brings a positive net benefit to the society, value that could increase with a higher institutional support.

Wage adjustments under extreme downward nominal wage rigidity

Using a rich and highly accurate dataset for Portugal spanning from 1986 to 2013, this paper analyzes the determinants of downward nominal wage rigidity, mainly focusing on macroeconomic factors. The data supports the hypothesis that recessionary periods alongside with low in ation contribute to a higher degree of wage rigidity, as measured by the incidence of nominal wage freezes. It is further highlighted how this lack of wage adjustments con- tributed to an increase in labor costs which culminated in a wage markup of 6-7%. This paper, thus seems to corroborate the argument that low in ation did exacerbated the downward in exibility of (real) wages after the Great Recession.

New insights on nevirapine use: A mechanistic perspective of its toxic events

Introdução: A nevirapina (NVP) é um fármaco amplamente utilizado para o tratamento da infecção pelo vírus da imunodeficiência humana de tipo 1 (VIH-1), no entanto, a sua utilização na terapêutica crónica tem sido associada à toxicidade hepática e cutânea. O sexo feminino é um factor de risco para o desenvolvimento destes eventos tóxicos, mas as razões para essa diferença entre o sexo feminino e masculino não estão completamente esclarecidas. Diferenças na biotransformação da NVP e na formação de metabolitos tóxicos podem ser as causas subjacentes. O presente trabalho teve como objectivo explorar as diferenças entre homens e mulheres na biotransformação da NVP, como um potencial factor de toxicidade induzida por este fármaco anti-retroviral. Materiais e Métodos: Todos os indivíduos incluídos no presente estudo eram adultos com infecção por VIH-1 confirmada, tratados com 400 mg de NVP uma vez ao dia, durante pelo menos 1 mês. Foram colhidas amostras de sangue e os níveis de NVP e dos metabolitos de fase I foram determinados por cromatografia líquida de alta performance. Os dados antropométricos e clínicos e os perfis de metabolitos foram avaliados de forma a averiguar possíveis diferenças relacionadas com o sexo dos indivíduos. Resultados: Foram incluídos 52 doentes (63% do sexo masculino). O peso corporal foi inferior nas mulheres (p = 0.028) e o sexo feminino foi associado a maiores níveis de fosfatase alcalina (p = 0.036) e lactato desidrogenase (p = 0.037). Os níveis plasmáticos de NVP (p = 0.030) e 3-hidroxi-NVP (p = 0.035), assim como as proporções de 12-hidroxi-NVP (p = 0.037) e 3-hidroxi-NVP (p = 0.001) foram maiores nas mulheres, quando ajustados pelo peso corporal dos indivíduos. Discussão: Existem diferenças na biotransformação da NVP entre homens e mulheres, particularmente na formação de 12-hidroxi-NVP e 3-hidroxi-NVP. Estes resultados apontam para uma formação de metabolitos reactivos, que é dependente do sexo e que pode contribuir para o perfil de dimorfismo sexual associado às reacções tóxicas induzidas pela NVP.

How aspiring filmmakers cope with unexpected events on set

Making the transition between plans and unexpected occurrences is something organizations are used to doing every day. However, not much is known about how actors cope with unanticipated events and how they accommodate them within predefined schedules. In this study, we draw on an inductive analysis of aspiring filmmakers’ film sets to elaborate on how they plan their shooting activities every day, only to adjust them when unforeseen complications arise. We discover that film crews anchor their expectations for the day based on a planned shooting schedule, yet they incorporate a built-in assumption that it will inevitably be disrupted. We argue that they resort to triage processes and “troubleshooting protocols” that help decipher incoming problems. Familiar problems are solved by making use of experience obtained from past situations, whereas unprecedented problems are solved through a tacit protocol used as a tool to quickly devise an appropriate game plan. This study contributes to the literature on sense-making and provides valuable information about the unexplored world of filmmaking.

The influence of sports events endorsement on children’s perceptions of healthy food products and brands

Field lab in marketing: Children consumer behaviour

Gestão de crises de âmbito policial

The issues concerning Crisis Situations under the scope of police activity, raised after incidents considered critical, has emerged with greater intensity during the most recent decades, posing a major challenge for police forces around the world. These are situations or events of crucial importance, involving hostage taken or barricaded individuals, in which inevitably human lives are at risk, requiring from law enforcement agencies a specific response capability, i.e., a type of intervention not framed under the parameters considered as routine, in order to obtain solutions to minimize the possibility of casualties. Because this is about impacting situations of extreme gravity, where the preservation of human lives is concerned and, in many cases, the very Rule of Law as well, we understand the need for police forces to adapt to new procedures and working methods. Such procedures are an enormously complex task that requires the coordination and articulation of several components, including not infrequently the performance of different police forces, as well as organizations and entities with varied powers and duties, which implies the need for effective management. This explains the emergence of Crisis Management Structures, imposing to determine which are their fundamental components, their importance, how they interconnect, and their major goal. The intrinsic features will also be analyzed in the aspect that we consider to be the fundamental groundwork of a Crisis Management Structure, i.e., Negotiation itself, considering it as a kind of police intervention, where a wide range of procedures feeds a channel of dialogue, aiming at minimizing the damage resultant from an extreme action, in particular, to prevent the death of any of those involved. This is in essence the path we have chosen to develop this study, trying to find out an answer to the fundamental question: What model of Crisis Management Structure should be adopted to manage a critical event involving hostage negotiation?