Essays in Macro Finance

I study the link between capital markets and sources of macroeconomic risk. In chapter 1 I show that expected inflation risk is priced in the cross section of stock returns even after controlling for cash flow growth and volatility risks. Motivated by this evidence I study a long run risk model with a built-in inflation non-neutrality channel that allows me to decompose the real stochastic discount factor into news about current and expected cash flow growth, news about expected inflation and news about volatility. The model can successfully price a broad menu of assets and provides a setting for analyzing cross sectional variation in expected inflation risk premium. For industries like retail and durable goods inflation risk can account for nearly a third of the overall risk premium while the energy industry and a broad commodity index act like inflation hedges. Nominal bonds are exposed to expected inflation risk and have inflation premiums that increase with bond maturity. The price of expected inflation risk was very high during the 70's and 80's, but has come down a lot since being very close to zero over the past decade. On average, the expected inflation price of risk is negative, consistent with the view that periods of high inflation represent a "bad" state of the world and are associated with low economic growth and poor stock market performance. In chapter 2 I look at the way capital markets react to predetermined macroeconomic announcements. I document significantly higher excess returns on the US stock market on macro release dates as compared to days when no macroeconomic news hit the market. Almost the entire equity premium since 1997 is being realized on days when macroeconomic news are released. At high frequency, there is a pattern of returns increasing in the hours prior to the pre-determined announcement time, peaking around the time of the announcement and dropping thereafter.

La thérapie cognitive-comportementale dans le traitement du TDAH chez l'adulte: état des connaissances

Essai doctoral présenté à la Faculté des Arts et des Sciences en vue de l'obtention du grade de doctorat en psychologie clinique (D.psy.)

Team Building Interventions in Sport: A Meta-Analysis

A meta-analysis of team building interventions in sport was completed. Seventeen studies containing 180 effect sizes were retrieved. The overall effect (Hedges g) was .427. Analyses of possible moderator variables showed the largest effect sizes were in interventions where: (a) non-experimental designs were used (g=.474); (b) the data were unpublished (g=.539); (c) goal setting only was used (g=.714); (d) the coach/manager directed the delivery (g=.446); and (e) the teams were at the university level (g=.482). Finally, team building had the greatest influence on cognitions (g=.799

Argaric Sociology: Sex and Death

The detailed, rich and diverse Argaric funerary record offers an opportunity to explore social dimensions that usually remain elusive for prehistoric research, such us social rules on kinship rights and obligations, sexual tolerance and the role of funerary practices in preserving the economic and political organization. This paper addresses these topics through an analysis of the social meaning of Argaric double tombs by looking at body treatment and composition of grave goods assemblages according to gender and class affiliation. The Argaric seems to have been a conservative society, scarcely tolerant regarding homosexuality, and willing to celebrate ancestry associated to certain places as a means of asserting residence and property rights.

Epistemic Modality in Linguistic and Literature Essays in English : A comparative corpus-based study of modal verbs in student claims

This study is a corpus-based comparison between student essays written in the subject areas of English linguistics and literature at undergraduate level. They are 200 Bachelor degree theses submitted at a variety of university departments (such as English, Language and Literature, Humanities, Social and Intercultural Studies) in Sweden. The comparison concerns frequencies of core modal verbs and how often they occur together with the I, we and it subject pronouns and in the structures this/the [essay, study, project, thesis] when students attempt to communicate their personal claims. Quantitative and qualitative analyses of the essays show few similarities in the ways that core modal verbs appear in both disciplines. The results indicate mainly distinct differences, especially in relation to clusters and variation of performative verbs. Specific patterns in the ways that students use core modal verbs as hedges have also been identified.

Building environmental assessment scheme for residential building in Brunei

Building's construction activities, operation and demolition are increasingly recognised as a major source of environmental impact. One strategy for reducing such impacts is most widely known by the term Building Environmental Assessment (BEA). The research is an attempt to develop a new BEA scheme for residential buildings in Brunei which focussing on identifying BEA indicators that best suit for Brunei environment, social and economy. Studies show that Brunei residential sector needs urgent attention to transform its current consumption rate in more sustainable way. Recent launch of Brunei Green Building Council, mandatory energy efficiency guidelines and declaration of ambitious energy intensity reduction target, a new BEA scheme will help contribute sustainability target in residential sector. However the issues of developing a new BEA schemes using existing methods may face constraints in their effectiveness. In this regard, a consensus-forming technique-Delphi method-helps improve greater communication and gain consensus from experts in the construction industry through series of questionnaires. As a result, the final framework is produced comprises of 7 key categories and 37 applicable criteria that achieved high degree of consensus and importance.

Mathematical pedagogical content knowledge in early childhood education: A study in initial teacher education in Portugal

The study aims to explore the specificity of mathematics Pedagogical Content Knowledge in Early Childhood Education Pedagogy. The pedagogy of ECE (Siraj-Blatchford, 2010) and the didactics of ECE (Pramling & Pramling-Samuelsson, 2011) suggest dimensions of knowledge that require strong content and PC knowledge of teachers. Recent studies about PCK of ECE teachers highlight similar specific dimensions: organization of educational environment and interactions with children (Lee, 2010, McCray, 2008, Rojas, 2008). The current framework for ECE Teacher Education in Portugal (since 2007) focuses both content knowledge and subject didactics. PCK has been labelled the 'great unknown' in ECE (Rojas, 2008) in traditions where the child's development is considered as the main knowledge base for ECE (Chen & McNamee, 2006, Cullen, 2005, Hedges & Cullen, 2005). We studied the perspectives of 27 initial teacher education students about knowledge for teaching and about ECE Pedagogy. We used one open-ended questionnaire and students' analysis of episodes focusing children's answers or discourse relevant for mathematics (about high numbers and square root). The questionnaire was anonymous and students’ permission to use the answers was obtained. In the questionnaire, interactions with children (62%) and organization of the educational environment (38%) are highlighted as the most important focus for the teacher. Students suggested tasks that were adult planned and oriented to further the situations presented in the episodes. Very few references to children's exploratory actions (Bonawitz et al., 2011) were made. The specificity of ECE (child initiated activities, e.g.) needs to be further developed in initial teacher education.