Single period Markowitz portfolio selection, performance gauging and duality: a variation on Luenberger's shortage function

Markowitz portfolio theory (1952) has induced research into the efficiency of portfolio management. This paper studies existing nonparametric efficiency measurement approaches for single period portfolio selection from a theoretical perspective and generalises currently used efficiency measures into the full mean-variance space. Therefore, we introduce the efficiency improvement possibility function (a variation on the shortage function), study its axiomatic properties in the context of Markowitz efficient frontier, and establish a link to the indirect mean-variance utility function. This framework allows distinguishing between portfolio efficiency and allocative efficiency. Furthermore, it permits retrieving information about the revealed risk aversion of investors. The efficiency improvement possibility function thus provides a more general framework for gauging the efficiency of portfolio management using nonparametric frontier envelopment methods based on quadratic optimisation.

Bounding right-arm rotation distances

Rotation distance quantifies the difference in shape between two rooted binary trees of the same size by counting the minimum number of elementary changes needed to transform one tree to the other. We describe several types of rotation distance, and provide upper bounds on distances between trees with a fixed number of nodes with respect to each type. These bounds are obtained by relating each restricted rotation distance to the word length of elements of Thompson's group F with respect to different generating sets, including both finite and infinite generating sets.

The period function of the generalized Lotka-Volterra centers

"Vegeu el resum a l'inici del document del fitxer adjunt"

On the relation between tax rates and evasion in a multi-period economy

We extend the basic tax evasion model to a multi-period economy exhibiting sustained growth. When individuals conceal part of their true income from the tax authority, they face the risk of being audited and hence of paying the corresponding fine. Both taxes and fines determine individual saving and the rate of capital accumulation. In this context we show that the sign of the relation between the level of the tax rate and the amount of evaded income is the same as that obtained in static setups. Moreover, high tax rates on income are typically associated with low growth rates as occurs in standard growth models that disregard the tax evasion phenomenon.

A rotation method which gives linear Lp-Estimates for powers of the Ahlfors-Beurling operator

"Vegeu el resum a l'inici del document del fitxer adjunt."

Optimal latent period in a bacteriophage population model structured by infection-age

We study the lysis timing of a bacteriophage population by means of a continuously infection-age-structured population dynamics model. The features of the model are the infection process of bacteria, the natural death process, and the lysis process which means the replication of bacteriophage viruses inside bacteria and the destruction of them. We consider that the length of the lysis timing (or latent period) is distributed according to a general probability distribution function. We have carried out an optimization procedure and we have found the latent period corresponding to the maximal fitness (i.e. maximal growth rate) of the bacteriophage population.

EU cohesion aid to Spain: a data set. Part I: 2000-06 planning period

In this paper we construct a data set on EU cohesion aid to Spain during the planning period 2000-06. The data are disaggregated by region, year and function and attempt to approximate the timing of actual executed expenditure on assisted projects.

Catalonia’s participation in calls of the EU 7th Framework Programme for RTD. Period 2007-2009

English translation of the Executive summary of the report “Catalonia’s participation in calls of the EU 7th Framework Programme for RTD. Period 2007-2009” drawn up by researchers of the AQR Research Group – Research Institute of Applied Economics (IREA) of the University of Barcelona. It aims to find out the reality of the Catalonia’s participation in the EU 7th Framework Programme, the main European financial instrument for research during the period 2007-2009.

Male vs Female Lupus. A comparison of ethnicity, clinical features, serology and outcome over a 30 year period

Un estudi observacional de pacients amb LES, atesos al University College de London Hospital entre 1976 i 2005, es va dur a terme per revisar les diferències entre homes i dones amb lupus pel que fa a les característiques clíniques, serologia i resultats. 439 dones i 45 homes van ser identificats. L'edat mitjana al diagnòstic va ser de 29,3 anys (12,6), sense diferències significatives entre homes i dones. El sexe femení es va associar significativament amb la presència d'úlceres orals i Ig M ACA. No hi va haver diferències significatives en la comparació de les altres variables. Durant aquest període de seguiment de trenta anys, relativament poques diferències han sorgit al comparar les freqüències de les característiques clíniques i serològiques en homes y dones amb lupus.

Epidemic models with an infected-infectious period

The introduction of an infective-infectious period on the geographic spread of epidemics is considered in two different models. The classical evolution equations arising in the literature are generalized and the existence of epidemic wave fronts is revised. The asymptotic speed is obtained and improves previous results for the Black Death plague

The effect of counterpoise correction and relaxation energy term to the internal rotation barriers: application to the BF3 ...NH3 and C2H4 ...SO2 dimers

The relevance of the fragment relaxation energy term and the effect of the basis set superposition error on the geometry of the BF3⋯NH3 and C2H4⋯SO2 van der Waals dimers have been analyzed. Second-order Møller-Plesset perturbation theory calculations with the d95(d,p) basis set have been used to calculate the counterpoise-corrected barrier height for the internal rotations. These barriers have been obtained by relocating the stationary points on the counterpoise-corrected potential energy surface of the processes involved. The fragment relaxation energy can have a large influence on both the intermolecular parameters and barrier height. The counterpoise correction has proved to be important for these systems

EU cohesion aid to Spain: a data set. Part II: 1994-99 planning period

In this paper we construct a data set on EU cohesion aid to Spain during the planning period 1994-99. The data are disaggregated by region, year and function and attempt to approximate the timing of actual executed expenditure on assisted projects.

Spermiogenesis particularities of a sperm storage species: Helicolenus dactylopterus (Teleostei: Scorpaenidae)

A study of the spermiogenesis and spermatozoa of Helicolenus dactylopterus was conducted. Females of this species have the capacity to store sperm within their ovaries, and male gametes have a considerable cytoplasmic mass surrounding their heads to survive the long period of intraovarian sperm storage. Our observations show that early spermatids are round-shaped cells and have a spherical nucleus with diffuse chromatin. The nuclear volume decreases as a result of progressive chromatin condensation during spermiogenesis, causing the nucleus to take on a U-shape. Flagellar insertion is not central to the nucleus but consistently occurs at an oblique angle towards one side of it. The flagellum is inserted into the nuclear fossa, without subsequent nuclear rotation. In mature spermatozoa, the flagellum is adjacent to the nucleus. A comparison of the spermatozoa in the testicular lobules and those in the intraovarian storage structures suggests that the increase in volume of the cytoplasmic mass may occur in the posterior region of the testis, in the testicular duct. Spermatozoa enter the ovary in groups that reach the ovarian lumen and are surrounded by the ovarian epithelium for storage in sperm storage crypts

Language acquisition during a stay abroad period following formal instruction: temporal effects on oral fluency development

This study investigates the development of fluency in 30 advanced L2 learners of English over a period of 15 months. In order to measure fluency, several temporal variables and hesitation phenomena are analyzed and compared. Oral competence is assessed by means of an oral interview carried out by the learners. Data collection takes place at three different times: before (T1) and after (T2) a six-month period of FI (80 hours) in the home university, and after a three-month SA term (T3). The data is analyzed quantitatively. Developmental gains in fluency are measured for the whole period, adopting a view of complementarity between the two learning contexts. From these results, a group of high fluency speakers is identified. Correlations between fluency gains and individual and contextual variables are executed and a more qualitative analysis is performed for high fluency speakers' performance and behavior. Results show an overall development of students' oral fluency during a period of 15 months favored by the combination of a period of FI at home followed by a 3-months SA.