Trading the changes of stock market index composition: Evidence from European markets

This paper studies the changes in European stock market indexes composition from 1995 to 2015. It was found that there are mixed price effects producing abnormal returns around the effective replacement of added and deleted stocks. The price pressure hypothesis seems to hold for added stocks in some indexes but not for deleted stocks as there is not a clear inversion of behaviour after the replacement. Finally, the building and back testing of a trading strategy aiming to capture some of those abnormal returns shows it yields a Sharpe Ratio of 1.4 and generates an annualised alpha of 11%.

Current mortars in conservation: an overview

Renders are an important item in historical buildings and the need for their periodical re-application is a basic conservation procedure. In modern times there has been a trend towards the replacement of traditional pure lime mortars by new formulations including Portland cement or hydraulic lime. Apart from those interventions on specific and very important monuments, in which the use oftraditional non-hydraulic mortars can be enforced, in most of the projects involving less than first order magnitude heritage the use of some sort of hydraulic components is becoming the rule rather than the exception. The present paper describes and analyses the results of an experimental study with ten formulations of current mortars - including some that can hardly be considered as adequate conservation procedures - allowing a direct comparison in terms of some of the most relevant characteristics.