Style and performance of international socially responsible funds in Europe

This paper analyses the performance and investment styles of internationally oriented Socially Responsible Investment (SRI)funds, domiciled in eight European markets, in comparison with characteristics-matched conventional funds. To the best of our knowledge, this is the first multi-country study, focused on international SRI funds (investing in Global and in European equities), to combine the matched-pairs approach with the use of robust conditional multi-factor performance evaluation models, which allow for both time-varying alphas and betas and also control for home biases and spurious regression biases.In general, the results show that differences in the performance of international SRI funds and their conventional peers are not statistically significant. Regarding investment styles, SRI and conventional funds exhibit similar factor exposures in most cases. In addition,conventional benchmarks present a higher explaining power of SRI fund returns than SRI benchmarks. Our results also show significant differences in the investment styles of SRI funds according to whether they use “best-in-class” screening strategies or not. When compared to SRI funds that employ simple negative and/or positive screens, SRI “best-in-class” funds present significantly lower exposures to small caps and momentum strategies and significantly higher exposures to local stocks.

Observations on the Brazilian presidency, democracy, and governance

This article presents the first results of research on the organization and administration of the Brazilian presidency and problems of democratic governance in Brazil. Biases of Euro-centrism in current views of presidentialism, democracy, governance, and representation are criticized and new comparative analysis of political experiences in the Americas called for. Initial analysis of the Brazilian presidency reveals a unique combination of executive-led electoral representation and muddling through governance since the transition from military rule.

Focusing illusion in satisfaction with life among college students living in Brazil

Literature shows that there are significant associations between health and happiness. Various countries are considering, contemplating or formally incorporating the happiness variable into their public health policies. Moreover, the private sector has shown interest in the topic. Based on that This article examines the biases in the perception of satisfaction with life among young adults in two Brazilian cities. The study explores the associations between aspects of life and perception of happiness because public policies associated with happiness require an improved understanding of the subjectivity of the sense of well-being. A survey conducted among 368 college students enabled analysis through Multivariate Analysis of Covariance (MANCOVA) and linear regression. The results suggest that, although there were no significant differences in general satisfaction with life between the two cities, there were indications of focusing illusion in the perception of happiness caused by expectations arising from the feeling of personal insecurity in a metropolis.

Metacognitive and social cognition training (MSCT) in schizophrenia: a preliminary efficacy study

Psychosocial interventions have proven to be effective in treating social cognition in people with psychotic disorders. The current study aimed to determine the effects of a metacognitive and social cognition training (MSCT) program, designed to both remediate deficits and correct biases in social cognition. Thirty-five clinically stable outpatients were recruited and assigned to the MSCT program (n = 19) for 10 weeks (18 sessions) or to the TAU group (n = 16), and they all completed pre- and post-treatment assessments of social cognition, cognitive biases, functioning and symptoms. The MSCT group demonstrated a significant improvement in theory of mind, social perception, emotion recognition and social functioning. Additionally, the tendency to jump to conclusions was significantly reduced among the MSCT group after training. There were no differential benefits regarding clinical symptoms except for one trend group effect for general psychopathology. The results support the efficacy of the MSCT format, but further development of the training program is required to increase the benefits related to attributional style.

Readmission of older patients after hospital discharge for hip fracture: a multilevel approach

ABSTRACT OBJECTIVE To identify individual and hospital characteristics associated with the risk of readmission in older inpatients for proximal femoral fracture in the period of 90 days after discharge. METHODS Deaths and readmissions were obtained by a linkage of databases of the Hospital Information System of the Unified Health System and the System of Information on Mortality of the city of Rio de Janeiro from 2008 to 2011. The population of 3,405 individuals aged 60 or older, with non-elective hospitalization for proximal femoral fracture was followed for 90 days after discharge. Cox multilevel model was used for discharge time until readmission, and the characteristics of the patients were used on the first level and the characteristics of the hospitals on the second level. RESULTS The risk of readmission was higher for men (hazard ratio [HR] = 1.37; 95%CI 1.08–1.73), individuals more than 79 years old (HR = 1.45; 95%CI 1.06–1.98), patients who were hospitalized for more than two weeks (HR = 1.33; 95%CI 1.06-1.67), and for those who underwent arthroplasty when compared with the ones who underwent osteosynthesis (HR = 0.57; 95%CI 0.41–0.79). Besides, patients admitted to state hospitals had lower risk for readmission when compared with inpatients in municipal (HR = 1.71; 95%CI 1.09–2.68) and federal hospitals (HR = 1.81; 95%CI 1.00–3.27). The random effect of the hospitals in the adjusted model remained statistically significant (p < 0.05). CONCLUSIONS Hospitals have complex structures that reflect in the quality of care. Thus, we propose that future studies may include these complexities and the severity of the patients in the analysis of the data, also considering the correlation between readmission and mortality to reduce biases.

Saúde mental, qualidade de vida e acesso aos cuidados de saúde na comunidade brasileira de Lisboa

Introdução: A utilização de serviços de saúde tem implicações importantes para o estado de saúde das populações. As políticas de imigração adoptadas nos países de destino têm influência no estado de saúde das comunidades imigrantes. Políticas que limitam o acesso de imigrantes aos cuidados de saúde aumentarão a vulnerabilidade e os riscos na saúde. Apesar da imigração promover uma série de rupturas na vida do sujeito, migrar, por si só, não pode ser considerado como factor de risco no âmbito da saúde e da saúde mental. O peso dos determinantes socioeconómicos tem ganho relevância no estudo das migrações, estado de saúde geral e mental. Isto porque, em geral, os imigrantes estão em situação mais precária do que a população autóctone. O estatuto socioeconómico baixo, as condições precárias de habitação e de trabalho, a falta de suporte social e a irregularidade jurídica são indicadores de risco acrescido para a saúde mental. Neste sentido é um desafio de monta os governos estabelecerem medidas sustentadas e, simultaneamente, integradoras dos imigrantes. Em Portugal, considera-se que há escassez de estudos relacionados com a área das migrações e da saúde.Metodologia: Estudo exploratório, descritivo e transversal. A finalidade foi a de identificar o estado de saúde, saúde mental e qualidade de vida da comunidade brasileira residente em Lisboa e o seu acesso aos serviços de saúde. Este estudo teve como principais objectivos a caracterização sociodemográfica, a identificação de variáveis inerentes ao processo migratório, a identificação da auto-apreciação do estado de saúde, a caracterização do acesso aos cuidados de saúde, a identificação do grupo em provável sofrimento psicológico, a comparação entre os resultados dos imigrantes juridicamente regulares e irregulares e a comparação entre a população imigrante e a população portuguesa. Inicialmente, foi prevista a utilização da técnica de amostragem de propagação geométrica ou snowball, pois a amostra tornar-se-ia maior à medida que os próprios inquiridos identificam outros potenciais respondentes. Ao longo do estudo, a metodologia inicial mostrou-se insuficiente para estabelecer uma amostra mais representativa dos imigrantes juridicamente irregulares. Para este feito, foi utilizada a metodologia de amostragem por conveniência e o local escolhido para a recolha da amostra foi o Consulado do Brasil em Lisboa. O instrumento de recolha de dados empregue baseou-se no questionário utilizado no 4º Inquérito Nacional de Saúde. O MHI-5 (Mental Health Index 5) é um instrumento de saúde mental e é parte integrante do inquérito, sendo recomendado pela Organização Mundial de Saúde. Consta de cinco itens relativos à saúde mental e os resultados são classificados através de um indicador que mede a existência de provável sofrimento psicológico. Foram incluídos no estudo 213 brasileiros. De seguida, procedeu-se ao tratamento estatístico dos dados. Resultados: A população inquirida é jovem, a maior parte tem entre 18 e 44 anos. As mulheres representam mais de metade da amostra. A taxa de actividade é elevada e a taxa de desemprego é similar à nacional. A inserção laboral prioritária é nos segmentos pouco qualificados ou de semi-qualificação. Aproximadamente um terço dos inquiridos afirmou ser beneficiário do Sistema Nacional de Saúde. A autoapreciação do estado de saúde é classificada como bastante positiva, assim como a qualidade de vida. O provável sofrimento psicológico, definido no MHI-5 pelo ponto de corte no score 52, atinge 23,3% dos participantes. Os homens apresentam melhores resultados do que as mulheres. Além disso, para os valores mais baixos no MHI-5 foram encontradas relações com as longas jornadas de trabalho e o diagnóstico de doença crónica.Discussão: O presente estudo apresenta limitações em relação à dimensão da amostra e à provável existência de enviesamento pela ausência de aleatorização. Apesar da legislação portuguesa garantir o acesso aos serviços de saúde e garantir a equidade no caso dos imigrantes que fazem descontos para a Segurança Social, apenas um terço referiu ser beneficiário do Sistema Nacional de Saúde. Este dado pode ser justificado por factores como o cumprimento da lei por alguns serviços e, também, pela falta de conhecimento da legislação e da forma de funcionamento do Serviço Nacional de Saúde por parte dos imigrantes. O facto das mulheres representarem o maior grupo em provável sofrimento psicológico é consistente com a literatura. As hipóteses levantadas para explicar este resultado podem ser agrupadas em: artefactos metodológicos, causalidade biológica e determinação social. Em relação ao instrumento, é possível que o MHI-5 se comporte de forma diferente no que diz respeito ao género.-------------------------------------------Introduction: The utilization of health services has important implications for the health state of the populations. The immigration policies adopted in the destiny countries are going to influence the health state of immigrant communities. Policies that limit the access of immigrants to health care are going to increase the vulnerability and the risk factor in health. Although immigration promotes several disruptive actions in ones life, migrating, on its own, cannot be considered as a risk factor for health and mental health. The preponderance of the socioeconomic factors has gained relevance in the study of migrations and also in the study of general health state and mental health. This happens because, in general, immigrants are in a more unfavorable situation compared with the destiny country population. The low socioeconomic status, the poor working and housing conditions, the lack of social support and the juridical irregularity are indicators of the incremented risk to mental health. Therefore, it is a major challenge for governments to find sustainable, and simultaneously, integrative measures for the immigrants. The studies related with the migrations and health in Portugal were considered to be few.Methods: It is an exploratory, descriptive and transversal study. The purpose is to identify the health state, mental health, quality of life and the access to health care of the Brazilian community resident in Lisbon. In addition, this study has as main goals the sociodemographic characterization, the variables identification inherent to the migrating process, the identification of the self-appreciation of health state, the characterization of the access to health care, the identification of the group in probable psychological suffer, the comparison between the results of regular and irregular immigrants and the comparison between the immigrant population and the Portuguese population. Initially it was predicted the utilization of the geometric propagation or “snowball”, as sampling technique, because the sample becomes larger as one answerer identify other potential answering persons. Along with the study, the methodology has shown insufficient to establish a more representative sample of the irregular immigrants. For this latter case, it was used a convenient sample methodology and the place chosen for the sample gathering was the “Consulate of Brazil in Lisbon”. The instrument was based in the questionnaire used in the “4th National Health Inquiry”. The MHI-5 (Mental Health Index 5) is a mental health instrument which is part of the enquiry and it is recommended by the World Health Organization. There are five items related to mental health and the results are classified through an indicator which measures the existence of a probable psychological suffer. It were included 213 Brazilian in the study. After, the statistical treatment of the data took place.Results: The answering population is young and the majority is between the 18 and 44 years of age. The women represent more than one half of the sample. The activity rate is high and the unemployment rate is similar to the national one. The priority labor insertion is in the few qualified or of semi-qualification segments. Approximately, one third of the answering people has stated to be beneficiary of the National Health System. The self-appreciation of the health state as well as the quality of life are classified as fairly positive ones. The probable psychological suffer, as defined in the MHI-5 through the cut point in the score below or equal to 52, reaches 23,3% of the sample population. Men show the better results than women. Further, for the lower values of MHI-5 it was found a relation with the long work periods and chronic disease diagnostic. Discussion: The present study evidences limitations in relation to the sample dimension and in relation to the existence of biases due to the lack of randomness. Although the Portuguese legislation guarantees the access to health services and the equality in the cases of the immigrants that do their Social Security discounts, only one third has mentioned to be beneficiary of the National Health System. This can be justified by several facts such as the non-fulfillment of law by some national services or the lack of knowledge of the legislation or the functioning process of the National Health System. Women representing the bigger group in probable psychological suffer has been coherent with the literature review. The hypothesis set to explain this result might be grouped in: methodological artifacts, biologic cause and social determination. In relation to the instrument used, it may be that MHI-5 behaves in a different way in respect to gender.

Interrupting Chagas disease transmission in Venezuela

The interruption of vectorial transmission of Chagas disease in Venezuela is attributed to the combined effects of ongoing entomoepidemiological surveillance, ongoing house spraying with residual insecticides and the concurrent building and modification of rural houses in endemic areas during almost five decades. The original endemic areas which totaled 750,000 km², have been reduced to 365,000 km². During 1958-1968, initial entomological evaluations carried out showed that the house infestation index ranged between 60-80%, the house infection index at 8-11% and a house density index of 30-50 triatomine bugs per house. By 1990-98, these indexes were further reduced to 1.6-4.0%, 0.01-0.6% and 3-4 bugs per house respectively. The overall rural population seroprevalence has declined from 44.5% (95% C.I.: 43.4-45.3%) to 9.2% (95% C.I.: 9.0-9.4%) for successive grouped periods from 1958 to 1998. The annual blood donor prevalence is firmly established below 1%. The population at risk of infection has been estimated to be less than four million. Given that prevalence rates are stable and appropriate for public health programmes, consideration has been given to potential biases that may distort results such as: a) geographical differences in illness or longevity of patients; b) variations in levels of ascertainment; c) variations in diagnostic criteria; and d) variations in population structure, mainly due to appreciable population migration. The endemic areas with continuous transmission are now mainly confined to piedmonts, as well as patchy foci in higher mountainous ranges, where the exclusive vector is Rhodnius prolixus. There is also an unstable area, of which landscapes are made up of grasslands with scattered broad-leaved evergreen trees and costal plains, where transmission is very low and occasional outbreaks are reported.

Glasses' makeup: the simple and the combined effect of color and shape on perceived volume and beverage intake

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Protesting or justifying? A latent class model for contingent valuation with attitudinal data

This article develops a latent class model for estimating willingness-to-pay for public goods using simultaneously contingent valuation (CV) and attitudinal data capturing protest attitudes related to the lack of trust in public institutions providing those goods. A measure of the social cost associated with protest responses and the consequent loss in potential contributions for providing the public good is proposed. The presence of potential justification biases is further considered, that is, the possibility that for psychological reasons the response to the CV question affects the answers to the attitudinal questions. The results from our empirical application suggest that psychological factors should not be ignored in CV estimation for policy purposes, allowing for a correct identification of protest responses.

Validação e aplicação clínica de uma escala de cognição social na esquizofrenia = Validation and clinical use of a measure of social cognition in schizophrenia

RESUMO: A cognição social encontra-se frequentemente alterada na esquizofrenia. Esta alteração relaciona-se com a diminuição do funcionamento social,caracterizando-se quer por défices quer por vieses cognitivos sociais. No entanto, existem poucos instrumentos fiáveis e válidos para avaliar a cognição social na esquizofrenia, nomeadamente capazes de medir os vieses cognitivos sociais e a cognição social auto-relevante. Adicionalmente, as bases biológicas da disfunção social não estão totalmente esclarecidas. Evidências recentes sugerem que o peptídeo oxitocina (OXT) influencia o funcionamento social, e que esta relação poderá ser mediada pela cognição social. Este Trabalho de Projecto descreve a contribuição do autor para o desenvolvimento e avaliação psicométrica inicial de um novo instrumento de avaliação da cognição social, e a utilidade desta escala na investigação das associações entre a OXT e a capacidade e vieses cognitivos sociais. A Waiting Room Task (WRT), uma escala constituída por 26 vídeos sequenciais que simulam a experiência de observar outra pessoa numa sala de espera, foi administrada num estudo transversal com 61 doentes com esquizofrenia e 20 controlos saudáveis. Observou-se uma menor capacidade cognitiva social e um aumento dos vieses cognitivos sociais nos doentes com esquizofrenia, comparativamente aos controlos. Nos controlos e doentes com delírios, o desempenho na WRT correlacionou-se significativamente com os níveis de OXT. Esta correlação não se observou nos doentes sem delírios, sugerindo que o papel da OXT na cognição social poderá encontrar-se atenuado neste grupo. Estes achados fornecem suporte inicial para a adequação da WRT como instrumento de avaliação da cognição social na esquizofrenia, podendo ainda ser útil na investigação da sua base biológica. ------------ ABSTRACT: Social cognition is often impaired in schizophrenia. This impairment is related to poor social functioning and is characterized by both social cognitive deficits and biases. However, there are few reliable and valid measures of social cognition in schizophrenia, particularly measures of social cognitive bias and of self-relevant social cognition. Also, the biological bases of social dysfunction are not well understood. Emerging evidence suggests that the peptide oxytocin (OXT) influences social functioning, and that this relationship may be mediated by social cognition. This Research Project describes the author’s contribution to the development and initial psychometric testing of a new measure of social cognition, and the utility of this instrument to examine associations between OXT and social cognitive capacity and bias. The Waiting Room Task WRT), a video-based test comprising 26 sequential videos simulating the experience of facing another person in a waiting room, was administered in a cross-sectional study involving 61 patients with schizophrenia and 20 healthy controls. Social cognitive capacity was lower and social cognitive bias was increased in patients with schizophrenia compared with controls. Among controls and patients with delusions, performance on the WRT was significantly correlated with OXT level. This correlation was not found in patients without delusions suggesting that OXT’s role in social cognition may be blunted in this group. These findings provide initial support for the adequacy of the WRT as a measure for assessing social cognition in schizophrenia that may also be useful in understanding its biological underpinnings.

Forecasts of relative performance in tournaments: Evidence from the field

This paper uses a field experiment to investigate the quality of individuals’ forecasts of relative performance in tournaments. We ask players in luck-based (poker) and skill-based (chess) tournaments to make point forecasts of rank. The main finding of the paper is that players’ forecasts in both types of tournaments are biased towards overestimation of relative performance. However, the size of the biases found is not as large as the ones often reported in the psychology literature. We also find support for the “unskilled and unaware hypothesis” in chess: high skilled chess players make better forecasts than low skilled chess players. Finally, we find that chess players’ forecasts of relative performance are not efficient.

Migrant networks and migrant intentions to return

Social ties are potentially an important determinant of migrants’ intention to return to their home country, and yet this topic has not been addressed in the existing economics literature on international migration. This study examines the absolute and relative importance of migrant social networks both at destination and at origin. We base our research on experimental data from Batista and Narciso (2013)1. By defining networks according to different characteristics of their members and migrant return intentions with respect to three different time horizons, we are able to dissect the network effect into its components. After controlling for unobserved heterogeneity and reverse causality biases we find that network at home seems to be the most important determinant of the migrant’s intention to return home within five and ten years.

The role of guarantees in pension plan design: Pension saving decisions

This study centers on the assessment of psychological value of guarantees in pension products and the behavior biases associated with choice. When a guarantee on a product increases from 99% to 99,5% less than half of respondents show willingness to pay in contrast with 73% when going from 99,5% to 100%. Out of 105 respondents, 55 show that their choices concerning pension products are inconsistent with classic utility theory. Financial background proves insignificant thus pointing to behavioral biases. As individuals make choices that leave them worse-off, we argue that pension plan design would highly benefit from public policy interventions.

Gender norms in Portuguese college sudents' judgments in familial homicides: bad men and mad women

The gender of the offender has been proved to be an important factor in judicial sentencing. In this study, we analyze the judgments of College students regarding perpetrators of familial homicides to evaluate the presence of these gender norms and biases in the larger society. The sample included 303 college students (54.8% female) enrolled in several social sciences and engineering courses. Participants were asked to read 12 vignettes based on real crimes taken from Portuguese newspapers. Half were related to infanticide, and half were related to intimate partner homicide. The sex of the offender was orthogonally manipulated to the type of crime. The results show that gender had an important impact on sentences, with males being more harshly penalized by reasons of perversity and women less penalized by reason of mental disorders. In addition, filicide was more heavily penalized than was intimate partner homicide. The results also revealed a tendency toward a retributive conception of punishment. We discuss how gender norms in justice seem to be embedded in society as well as the need for intervention against the punitive tendency of this population.

Artificial nest predation rates vary depending on visibility in the eastern Brazilian Amazon

Observational and experimental studies have shown that increased concealment of bird nests reduces nest predation rates. The objective of the present study was to evaluate differences in predation rates between two experimental manipulations of artificial ground nests (i.e., clearing an area around the artificial nest or leaving it as natural as possible), and test whether environmental variables also affected nest predation in an undisturbed area of Amazonian forest in eastern Brazil. A generalized linear model was used to examine the influence of five variables (manipulation type, perpendicular distance from the main trail, total basal area of trees surrounding the nest site, understorey density, and liana quantity) on nest predation rates. Model results, showed that manipulation type was the only variable that significantly affected nest predation rates. Thus, to avoid systematic biases, the influence of nest site manipulation must be taken into consideration when conducting experiments with artificial nests.