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%.

Recensão: George Baker, “Late Criticism” in Canvases and Careers Today. Criticism and its Markets

Recensão de: George Baker, "'Late Criticism' in Canvases and Careers Today. Criticism and its Markets", Berlin: Sternberg Press, 2008

Sustained competitive advantage of different sized multinational corporations in rural base of the pyramid markets

This thesis explores how multinational corporations of different sizes create barriers to imitation and therefore sustain competitive advantage in rural and informal Base of the Pyramid economies. These markets require close cooperation with local partners in a dynamic environment that lacks imposable property rights and follows a different rationale than developed markets. In order to explore how competitive advantage is sustained by different sized multinational corporations at the Base of the Pyramid, the natural-resource-based view and the dynamic capabilities perspective are integrated. Based on this integration the natural-resource-based view is extended by identifying critical dynamic capabilities that are assumed to be sources of competitive advantage at the Base of the Pyramid. Further, a contrasting case study explores how the identified dynamic capabilities are protected and their competitive advantage is sustained by isolating mechanisms that create barriers to imitation for a small to medium sized and a large multinational corporation. The case study results give grounds to assume that most resource-based isolating mechanisms create barriers to imitation that are fairly high for large and established multinational corporations that operate at the rural Base of the Pyramid and have a high product and business model complexity. On the contrary, barriers to imitation were found to be lower for young and small to medium sized multinational corporations with low product and business model complexity that according to some authors represent the majority of rural Base of the Pyramid companies. Particularly for small to medium sized multinational corporations the case study finds a relationship- and transaction-based unwillingness of local partners to act opportunistically rather than a resource-based inability to imitate. By offering an explanation of sustained competitive advantage for small to medium sized multinational corporations at the rural Base of the Pyramid this thesis closes an important research gap and recommends to include institutional and transaction-based research perspectives.

How do global born companies ignite their internationalization and survive in international markets?

Over the last decades, the born global firms or the international new ventures (“INVs”) have assumed a growing role in international business, including in Portugal. The rise of this new type of multinational has challenged several theories concerning the development of multinational companies and the origin of companies’ competitive advantage. This qualitative, case-based research explores the most relevant traits shown by some Portuguese born-global firms. More concretely, the aim of this work is to compare some Portuguese international new ventures in order to understand the role of leadership, culture and strategy in their rapid internationalization and the source of their lasting competitive advantage. It was noticed that these firms’ lasting competitive advantage results from a singular combination of resources and dynamic capabilities that evolves over time. Moreover, it was found that these firms’ foreign subsidiaries and local networks may be essential to enhance the firms competitive advantage as it provides each firm a distinctive source of knowledge and capabilities. As a consequence, the effective assimilation of such resources and capabilities in these firms’ may become crucial for their lasting success. In addition, the leadership, strategy and culture in these firms seem to be quite aligned and form a quite virtuous cycle that contributed to the firms rapid internationalization and for the way the firms developed their own resources and dynamic capabilities and adapted to external environment.

CALLIPHORIDAE (DIPTERA) IN MANAUS: IV. BACTERIA ISOLATED FROM BLOWFLIES COLLECTED IN STREET MARKETS

Staphylococcus aureus, Escherichia coli, Proteussp., Providenciasp., Citrobactersp. and Klebsiellasp. were isolated from calliphorid flies collected in eight street markets in the city of Manaus, Amazonas State, Brazil. The presence of £. coliin the samples suggests that faecal contamination is occurring and that these flies are potential vehicles of enteropathogenic bacteria to exposed foods.

Producing LFT composite parts for large consumption markets from thermoplastic powder-coated towpregs

Thermoplastic matrix composites are receiving increasing interest in last years. This is due to several advantageous properties and speed of processing of these materials as compared to their thermoset counterparts. Among thermoplastic composites, Long Fibre Thermoplastics (LFTs) have seen the fastest growth, mainly due to developments in the automotive sector. LFTs combine the (semi-)structural material properties of long (>1 cm) fibres, with the ease and speed of thermoplastic processing. This paper reports a study of a novel low-cost LFT technology and resulting composites. A patented powder-coating machine able to produce continuously pre-impregnated materials directly from fibre rovings and polymer powders was used to process glass-fibre reinforced polypropylene (GF/PP) towpregs. Such pre-impregnated materials were then chopped and used to make LFTs in a patented low-cost piston-blender developed by the Centre of Lightweight Structures, TUD-TNO, the Netherlands. The work allowed studying the most relevant towpreg production parameters and establishing the processing window needed to obtain a good quality GF/PP powder coated material. Finally, the processing window that allows producing LFTs of good quality in the piston-blender and the mechanical properties of final stamped GF/PP composite parts were also determined.

Centrality and rapidity dependence of inclusive jet production in sNN=5.02 TeV proton-lead collisions with the ATLAS detector

Measurements of the centrality and rapidity dependence of inclusive jet production in sNN−−−√=5.02 TeV proton--lead (p+Pb) collisions and the jet cross-section in s√=2.76 TeV proton--proton collisions are presented. These quantities are measured in datasets corresponding to an integrated luminosity of 27.8 nb−1 and 4.0 pb−1, respectively, recorded with the ATLAS detector at the Large Hadron Collider in 2013. The p+Pb collision centrality was characterised using the total transverse energy measured in the pseudorapidity interval −4.9<η<−3.2 in the direction of the lead beam. Results are presented for the double-differential per-collision yields as a function of jet rapidity and transverse momentum (pT) for minimum-bias and centrality-selected p+Pb collisions, and are compared to the jet rate from the geometric expectation. The total jet yield in minimum-bias events is slightly enhanced above the expectation in a pT-dependent manner but is consistent with the expectation within uncertainties. The ratios of jet spectra from different centrality selections show a strong modification of jet production at all pT at forward rapidities and for large pT at mid-rapidity, which manifests as a suppression of the jet yield in central events and an enhancement in peripheral events. These effects imply that the factorisation between hard and soft processes is violated at an unexpected level in proton--nucleus collisions. Furthermore, the modifications at forward rapidities are found to be a function of the total jet energy only, implying that the violations may have a simple dependence on the hard parton--parton kinematics.

Measurement of the inclusive jet cross-section in proton--proton collisions at s√=7 TeV using 4.5 fb−1 of data with the ATLAS detector

The inclusive jet cross-section is measured in proton--proton collisions at a centre-of-mass energy of 7 TeV using a data set corresponding to an integrated luminosity of 4.5 fb−1 collected with the ATLAS detector at the Large Hadron Collider in 2011. Jets are identified using the anti-kt algorithm with radius parameter values of 0.4 and 0.6. The double-differential cross-sections are presented as a function of the jet transverse momentum and the jet rapidity, covering jet transverse momenta from 100 GeV to 2 TeV. Next-to-leading-order QCD calculations corrected for non-perturbative effects and electroweak effects, as well as Monte Carlo simulations with next-to-leading-order matrix elements interfaced to parton showering, are compared to the measured cross-sections. A quantitative comparison of the measured cross-sections to the QCD calculations using several sets of parton distribution functions is performed.

Mycotoxin contamination of Maize and Guinea corn from markets in Plateau State, Nigeria

Maize (Zea mays) and guinea corn (Sorghum bicolor) are major food items in Plateau state, Nigeria. A multistage sampling technique was used to select the markets and store/warehouses used for this study; sample collection employed a simple random sampling method from different sampling points within designated areas. A total of 18 representative samples were collected and analyzed for the following mycotoxins: aflatoxins (Aflatoxin B1 - AFB1, Aflatoxin B2 - AFB2, Aflatoxin G1 - AFG1 and Aflatoxin G2 - AFG2), fumonisins (Fumonisin B1 - FB1 and Fumonisin B2 - FB2 ) and cyclopiazonic acid (CPA). Out of 12 samples analyzed for Aflatoxins, AFB1 was detected in 5, AFB2 in 1, AFG1 in 1 and AFG2 in 6 samples respectively. The highest concentration of AFB1 and AFG2 were found in maize samples from Pankshin market. Only maize samples from Mangu market were contaminated with AFB2 and also harboured the lowest concentration of AFG2. AFG1 contamination occurred in only guinea corn from Shendam market. and FB1 was detected in all 18 samples analyzed. The mycotoxin CPA was not detected in any of the samples. Aflatoxins levels in analyzed samples were regarded as safe based on Nigerian and European Union maximum permissible levels of 4g/kg. With the exception of two samples, FB1 levels in analyzed maize samples were within European Union maximum permissible levels of 1,000 to 3000g/kg. The health and food safety implications of these results for the human and animal population are further discussed.

Consumption, wealth, stock and housing returns: evidence from emerging markets

We test the predictive ability of the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, for both future equity and housing risk premia in emerging market economies. Using quarterly data for 31 markets, our country-level evidence shows that forecasting power of cay vis-à-vis stock returns is high for Brazil, China, Colombia, Israel, Korea, Latvia and Malaysia. As for housing returns, the empirical evidence suggests that financial and housing assets are perceived as complements in the case of Chile, Russia, South Africa and Thailand, and as substitutes in Argentina, Brazil, Hong Kong, Indonesia, Korea, Malaysia, Mexico and Taiwan. Using a panel econometric framework, we find that the cross-country heterogeneity observed in asset return predictability does not accrue to regional location, but can be attributed to differences in the degree of equity market development and in the level of income.

Erratum to: Measurement of the inclusive jet cross-section in proton-proton collisions at s√=7 TeV using 4.5 fb−1 of data with the ATLAS detector

It was found that the non-perturbative corrections calculated using Pythia with the Perugia 2011 tune did not include the effect of the underlying event. The affected correction factors were recomputed using the Pythia 6.427 generator. These corrections are applied as baseline to the NLO pQCD calculations and thus the central values of the theoretical predictions have changed by a few percent with the new corrections. This has a minor impact on the agreement between the data and the theoretical predictions. Figures 2 and 6 to 13, and all the tables have been updated with the new values. A few sentences in the discussion in sections 5.2 and 9 were altered or removed.

O livro na revista: como revistas semanais brasileiras e portuguesas abordam livros e literatura

Dissertação de mestrado em Comunicação, Arte e Cultura

A quantitative research about attitudes of pre-service teachers on inclusive education

In this paper we propose to characterize the inclusive philosophy in Thailand as well as to present and discuss results from a quantitative research carried out within the teacher pre-service context, viewed as one of the components that should be addressed by school systems that seek to be inclusive.

Mercados emergentes en el escenario africano: oportunidades y desafíos para la política exterior argentina. Emergent markets in the African scene: opportunities and challenges for the Argentine foreign policy.

Este trabajo parte de la inquietud de cómo organizar y articular los recursos diplomáticos, económicos, tecnológicos y culturales que cuenta la Argentina en África, para incentivar e incrementar las vinculaciones entre ambas regiones. Teniendo en cuenta los nuevos escenarios emergentes del espacio africano y los lineamientos de política exterior ensayados por nuestro país en los últimos años, nuestro período de análisis se concentrará entre los años 2002 y 2007. Sostenemos que el desarrollo de una estrategia articulada y permanente hacia el África requiere un aprovechamiento más eficaz y eficiente de los recursos humanos, financieros y tecnológicos existentes. De esto modo, la Argentina podría posicionarse como un socio relevante en la agenda de los países africanos, proveyendo productos, tecnología y servicios a mercados complementarios y en expansión. El objetivo general del proyecto es reconocer las transformaciones recientes del diseño exterior argentino hacia los mercados emergentes, en particular hacia África.El abordaje de esta investigación tiene características tanto cualitativas como cuantitativas, al tiempo que pretende alcanzar un nivel de explicación debido al tipo de propuesta. Nuestras unidades de observación son aquellas instituciones y personalidades vinculadas a la elaboración e implementación de la política exterior de Argentina hacia los estados africanos en su conjunto (tanto de África Subsahariana como de África del Norte). En cuanto a las técnicas aplicadas se pueden reconocer diversas fases. En primera instancia se llevará adelante una exploración documental en la Cancillería argentina destinada a cubrir los principales lineamientos respecto al tema. Luego se revisarán documentos producidos por organismos privados y por investigadores científicos. Al mismo tiempo se realizarán entrevistas semiestructuradas a los actores claves que participaron en el proceso de toma de decisiones.Con este trabajo nos proponemos concretar un manual que contenga de forma sistemática las normativas y las prácticas que ejercen cada uno de los actores, tanto públicos como privados, en torno a las vinculaciones entre Argentina y los países de África. Este ordenamiento nos permitirá ofrecer a los responsables de tomas de decisiones un marco articulado, accesible y didáctico para el diseño y la ejecución de futuras políticas hacia la región. Actualmente, los lazos políticos, culturales y de cooperación entre los países de ambas regiones manifiestan un creciente dinamismo, poniendo en juego nuevos terrenos de colaboración como las Cumbres América del Sur-África, las reuniones inter-ministeriales, la firma de acuerdos de comercio entre el Mercosur y algunos estados africanos, entre otros. Sin embargo a pesar de estas señales auspiciosas, los mercados africanos no han sido explorados con la suficiente constancia y profundidad. El desarrollo de este proyecto permitirá, en primer lugar, constituir un corpus de información sobre las normativas y las prácticas en torno los vínculos argentino-africanos. Por otro lado, será una herramienta indispensable para la planificación y concreción de futuras políticas en torno al área. Cabe aclarar que no se limita a organismos del Estado sino también involucraría a actores privados implicados o interesados con los mercados emergentes africanos.