Getting the carry trade's jackpot

This Working Project studies five portfolios of currency carry trades formed with the G10 currencies. Performance varies among strategies and the most basic one presents the worst results. I also study the equity and Pure FX risk factors which can explain the portfolios’ returns. Equity factors do not explain these returns while the Pure FX do for some of the strategies. Downside risk measures indicate the importance of using regime indicators to avoid losses. I conclude that although using VAR and threshold regression models with a variety of regime indicators do not allow the perception of different regimes, with a defined exogenous threshold on real exchange rates, an indicator of liquidity and the volatilities of the spot exchange rates it is possible to increase the average returns and reduce drawdowns of the carry trades

Control of a white organic light emitting diode’s emission parameters using a single doped RGB active layer

White Color tuning is an attractive feature that Organic Light Emitting Diodes (OLEDs) offer. Up until now, there hasn’t been any report that mix both color tuning abilities with device stability. In this work, White OLEDs (W-OLEDs) based on a single RGB blend composed of a blue emitting N,N′-Di(1-naphthyl)-N,N′-diphenyl-(1,1′-biphenyl)-4,4′-diamine (NPB) doped with a green emitting Coumarin-153 and a red emitting 4-(Dicyanomethylene)-2-methyl-6-(4-dimethylaminostyryl)-4H-pyran (DCM1) dyes were produced. The final device structure was ITO/Blend/Bathocuproine (BCP)/ Tris(8-hydroxyquinolinato)aluminium (Alq3)/Al with an emission area of 0.25 cm2. The effects of the changing in DCM1’s concentration (from 0.5% to 1% wt.) allowed a tuning in the final white color resulting in devices capable of emitting a wide range of tunes – from cool to warm – while also keeping a low device complexity and a high stabilitty. Moreover, an explanation on the optoelectrical behavior of the device is presented. The best electroluminescense (EL) points toward 160 cd/m2 of brightness and 1.1 cd/A of efficiency, both prompted to being enhanced. An Impedance Spectroscopy (IS) analysis allowed to study both the effects of BCP as a Hole Blocking Layer and as an aging probe of the device. Finally, as a proof of concept, the emission was increased 9 and 64 times proving this structure can be effectively applied for general lighting.

Drilling deeper: Understanding trade in Angola

The present study analyzes Angola’s trading partners from 2005 to 2015 in order to understand the main drivers of Exports and Imports growth. Departing from a gravity model, foreign GDP growth and real exchange rate fluctuations were interpreted as demand and supply disturbances on Exports. While nominal and real exports both increase with demand expansions, they react differently to supply shocks. Imports are growing at the same rate as Angola’s economy while exchange rate fluctuations capture the wealth effect of Oil price in the economy.

The emergence of product certification systems as trade barriers

This paper addresses the growing difficulties automobile manufacturers face within their after sales business: an increasing number of trade obstacles set up by import countries discriminates against the foreign suppliers and impedes the international sales of genuine parts. The purpose of the study is to explore the emergence of trade restrictive product certification systems, which affect spare parts exports of automobile manufacturers. The methodology used includes review of the literature and an empirical study based on qualitative interviews with representatives of major stakeholders of the automotive after sales business. Relevant key drivers, which initiate the introduction of technical regulations in importing countries, are identified and analysed to evaluate their effect on the emerging trade policy. The analysis of the key drivers outlines that several interacting components, such as the global competitiveness of the country, macroeconomic and microeconomic factors, and certain country-specific variables induce trade restrictive product certification systems. The findings allow for an early detection of the emergence of product certification systems and provide a means to early recognise the risks and opportunities for the sales of automotive spare parts in the automakers’ target markets. This allows the manufacturers to react immediately and adapt in time to the upcoming changes.

Application of acoustic emission technique for bond characterization in FRP-masonry systems

The acoustic emission (AE) technique is used for investigating the interfacial fracture and damage propagation in GFRP-and SRG-strengthened bricks during debonding tests. The bond behavior is investigated through single-lap shear bond tests and the fracture progress during the tests is recorded by means of AE sensors. The fracture progress and active debonding mechanisms are characterized in both specimen types with the aim of AE outputs. Moreover, a clear distinction between the AE outputs of specimens with different failure modes, in both SRG-and GFRP-strengthened specimens, is found which allows characterizing the debonding failure mode based on acoustic emission data.

Cost-effective energy and carbon emission optimization in building renovation – A case-study in a low income neighbourhood

Construction sector is one of the major responsible for energy consumption and carbon emissions and renovation of existing buildings plays an important role in the actions to mitigate climate changes. Present work is based on the methodology developed in IEA Annex 56, allowing identifying cost optimal and cost effective renovation scenarios improving the energy performance. The analysed case study is a residential neighbourhood of the municipality of Gaia in Portugal. The analysis compares a reference renovation scenario (without improving the energy performance of the building) with a series of alternative renovation scenarios, including the one that is being implemented.

Active magneto-optical control of spontaneous emission in graphene

We investigate the spontaneous emission rate of a two-level quantum emitter near a graphene-coated substrate under the influence of an external magnetic field or strain induced pseudo-magnetic field. We demonstrate that the application of the magnetic field can substantially increase or decrease the decay rate. We show that a suppression as large as 99$\%$ in the Purcell factor is achieved even for moderate magnetic fields. The emitter's lifetime is a discontinuous function of $|{\bf B}|$, which is a direct consequence of the occurrence of discrete Landau levels in graphene. We demonstrate that, in the near-field regime, the magnetic field enables an unprecedented control of the decay pathways into which the photon/polariton can be emitted. Our findings strongly suggest that a magnetic field could act as an efficient agent for on-demand, active control of light-matter interactions in graphene at the quantum level.

Density-dependent morphological plasticity and trade-offs among vegetative traits in Eichhornia crassipes (Pontederiaceae)

Density-dependent responses are an important component of the organism life-history, and the resource allocation theory is a central concept to the life-history theory. When resource allocation varies due to environmental changes, a plant may change its morphology or physiology to cope with the new conditions, a process known as phenotypic plasticity. Our study aimed to evaluate how plant density affects Eichhornia crassipes allocation patterns. A total of 214 individuals in high and low density were collected. The density effect was observed in all plant traits examined including biomass accumulation. All traits of E. crassipes demonstrated higher values in high density conditions, except for biomass of leaves. Density exhibited a high influence on vegetative traits of E. crassipes, but did not influence allocation pattern, since a trade-off among the vegetative traits was not found. The morphological plasticity and the absence of trade-offs were discussed as strategies to overcome neighbor plants in competition situations. In high density conditions, there were clear changes in the morphology of the plants which probably allows for their survival in a highly competitive environment.

Effects of light and temperature on isoprene emission at different leaf developmental stages of eschweilera coriacea in central Amazon

Isoprene emission from plants accounts for about one third of annual global volatile organic compound emissions. The largest source of isoprene for the global atmosphere is the Amazon Basin. This study aimed to identify and quantify the isoprene emission and photosynthesis at different levels of light intensity and leaf temperature, in three phenological phases (young mature leaf, old mature leaf and senescent leaf) of Eschweilera coriacea (Matamatá verdadeira), the species with the widest distribution in the central Amazon. In situ photosynthesis and isoprene emission measurements showed that young mature leaf had the highest rates at all light intensities and leaf temperatures. Additionally, it was observed that isoprene emission capacity (Es) changed considerably over different leaf ages. This suggests that aging leads to a reduction of both leaf photosynthetic activity and isoprene production and emission. The algorithm of Guenther et al. (1999) provided good fits to the data when incident light was varied, however differences among E S of all leaf ages influenced on quantic yield predicted by model. When leaf temperature was varied, algorithm prediction was not satisfactory for temperature higher than ~40 °C; this could be because our data did not show isoprene temperature optimum up to 45 °C. Our results are consistent with the hypothesis of the isoprene functional role in protecting plants from high temperatures and highlight the need to include leaf phenology effects in isoprene emission models.

Prognostic value of technetium-99m-labeled single-photon emission computerized tomography in the follow-up of patients after their first myocardial revascularization surgery

OBJECTIVE: To assess the prognostic value of Technetium-99m-labeled single-photon emission computerized tomography (SPECT) in the follow-up of patients who had undergone their first myocardial revascularization. METHODS: We carried out a retrospective study of 280 revascularized patients undergoing myocardial scintigraphy under stress (exercise or pharmacological stress with dipyridamole) and at rest according to a 2-day protocol. A set of clinical, stress electrocardiographic and scintigraphic variables was assessed. Cardiac events were classified as "major" (death, infarction, unstable angina) and "any" (major event or coronary angioplasty or new myocardial revascularization surgery). RESULTS: Thirty-six major events occurred as follows: 3 deaths, 11 infarctions, and 22 unstable anginas. In regard to any event, 22 angioplasties and 7 new surgeries occurred in addition to major events, resulting a total of 65 events. The sensitivity of scintigraphy in prognosticating a major event or any event was, respectively, 55% and 58%, showing a negative predictive value of 90% and 83%, respectively. Diabetes mellitus, inconclusive stress electrocardiography, and a scintigraphic visualization of left ventricular enlargement were significant variables for the occurrence of a major event. On multivariate analysis, abnormal myocardial scintigraphy was a predictor of any event. CONCLUSION: Myocardial perfusion tomography with Technetium-99m may be used to identify high-risk patients after their first myocardial revascularization surgery.

A voyage to the islands Madera, Barbados, Nieves, S. Christophers and Jamaica : with the natural history of the herbs and trees, four-footed beasts, fishes, birds, insects, reptiles, &c. of the last of those islands; to which is prefix'd, an introduction, wherein is an account of the inhabitants, air, waters, diseases, trade, &c. of that place, with some relations concerning the neighbouring continent, and islands of America. Illustrated with figures of the things described, which have not been heretofore engraved. In large copper-plates as big as the life /

Vol. 2

A voyage to the islands Madera, Barbados, Nieves, S. Christophers and Jamaica : with the natural history of the herbs and trees, four-footed beasts, fishes, birds, insects, reptiles, &c. of the last of those islands; to which is prefix'd, an introduction, wherein is an account of the inhabitants, air, waters, diseases, trade, &c. of that place, with some relations concerning the neighbouring continent, and islands of America. Illustrated with figures of the things described, which have not been heretofore engraved. In large copper-plates as big as the life /

Vol. 1

Aspectos moleculares del desarrollo de biofilms, la colonización de la planta y la emisión de compuestos orgánicos volátiles en bacterias rizosféricas. Molecular aspects of biofilm development, plant colonization and microbial volatile organic emission in rhizospheric bacteria.

Las bacterias que habitan la rizosfera y que poseen la capacidad de provocar un efecto positivo sobre las plantas son denominadas en su conjunto como Rizobacterias Promotoras del Crecimiento Vegetal (PGPR). Estas bacterias han desarrollado diferentes estrategias para adaptarse a diversas condiciones ambientales. La capacidad para responder a variaciones en la disponibilidad nutricional permite la persistencia de la bacteria en el suelo y mejora sus posibilidades para colonizar la planta hospedadora. En la naturaleza, a menudo las bacterias se encuentran en estructuras de comunidades de microorganismos interconectados denominados biofilms, con un estilo de vida diferente al de la vida en forma planctónica. La formación del biofilm podría representar una estrategia de supervivencia de la rizobacteria a condiciones adversas del suelo. Por Microscopía Confocal de Barrido Láser (CLSM), hemos observado que Rhizobium leguminosarum desarrolla un biofilm característico sobre una superficie abiótica. Hemos identificado algunos de los factores genéticos que influyen en su formación. El presente proyecto propone avanzar en el conocimiento de los factores ambientales y genéticos que influyen sobre la capacidad de las rizobacterias para formar biofilms y su impacto en la interacción con las plantas. A través de enfoques genéticos (mutacionales y de expresión génica) y análisis por CLSM nos proponemos acercarnos a un modelo de los factores de superficie, extracelulares y regulatorios propios de la bacteria que influyen en las propiedades de adhesión y la formación de biofilms. Por último, se intentará correlacionar la emisión de compuestos orgánicos volátiles por las bacterias rizosféricas con ciertos aspectos de la promoción del crecimiento de las plantas.

Espectroscopía de emisión de rayos x. Aplicación a la caracterización de materiales. X-ray emission spectroscopy. Application to materials characterization

La idea principal del proyecto abarca el estudio de parámetros y fenómenos físicos. Los avances logrados se aplicarán al desarrollo de software y metodologías para cuantificación de materiales mediante microanálisis con sonda de electrones y microscopía electrónica de barrido. El microanálisis no es una técnica absoluta, sino que requiere de estándares de referencia, para obviar el uso de ciertos parámetros geométricos y atómicos difíciles de conocer con una precisión adecuada. Para contar con un método sin estándares debe abordarse la determinación de parámetros atómicos e instrumentales, que es uno de los aspectos que se desea encarar en este proyecto. Por otro lado, también se pretende incluir los parámetros estudiados en un software de cuantificación desarrollado por integrantes del proyecto. Otro de los propósitos del plan de trabajo es estudiar la potencialidad de la resolución espacial de una microsonda de electrones con el fin de desarrollar una metodología para caracterizar interfases, bordes de granos e inclusiones, con resolución submicrométrica, ya que los métodos tradicionales de cuantificación se restringen al caso de muestras planas y homogéneas dentro del volumen de interacción, pero la caracterización de inhomogeneidades a nivel micrométrico no ha sido desarrollada todavía, salvo algunas excepciones. The main idea of this project involves the study of physical parameters and phenomena. The concretion of the different goals will permit the elaboration of softeare and methodologies for materials characterization by means of electron probe microanalysis and scanning microscopy. Electron probe microanalysis is not an absolute technique, but requires reference standards in order not to involve certain geometrical and atomic parameters for which high uncertainties cannot be avoided. In order to have standardless method, the determination of atomic and instrumental parameters must be accomplished, as will be faced through this project. Complementary, the parameters studied will be included in a quantification software developed in our research group of FaMAF. Another objective of this activity plan is to study the spatial resolution potentiality of a focalized electron beam, with the aim of characterizing interphases, grain boundaries and inclusions with submicron sensitivity, since the traditional quantification procedures are restricted to flat homogeneous samples, whereas the characterization of inhomogeneities has not been developed yet.