A comparative review of risk based portfolio allocations: An empirical study throughout rising yields

Since the financial crisis, risk based portfolio allocations have gained a great deal in popularity. This increase in popularity is primarily due to the fact that they make no assumptions as to the expected return of the assets in the portfolio. These portfolios implicitly put risk management at the heart of asset allocation and thus their recent appeal. This paper will serve as a comparison of four well-known risk based portfolio allocation methods; minimum variance, maximum diversification, inverse volatility and equally weighted risk contribution. Empirical backtests will be performed throughout rising interest rate periods from 1953 to 2015. Additionally, I will compare these portfolios to more simple allocation methods, such as equally weighted and a 60/40 asset-allocation mix. This paper will help to answer the question if these portfolios can survive in a rising interest rate environment.

Audit quality: a resource-based perspective

This study considers the Certified Public Accountants (CPA) partners of the audit firms as the core producers of these knowledge-based organisations and investigates the effects of audit firm-level of CPA partners’ experience in audit quality. Audit quality was measured through the audit clients’ earnings quality. The main findings suggested that the audit firm-level of CPA partners’ general experience is positively associated with audit quality. Also, the audit firm-level of CPA partners’ experience acquired with prior audit firms significantly improves audit quality. Concerning the effects of audit firm-level of CPA partners’ experience acquired in the current audit firm in audit quality, results were statistically insignificant. Finally, we found that changes in audit firm-level of CPA partners’ general experience also influence audit quality. We verified that the more positive the change in the audit firm stock of CPA partners’ general experience, the higher is audit quality. We interpret this finding as revealing that the year-to-year changes in audit firm’s stock of CPA partners’ general experience is the mechanism allowing these firms to achieve and maintain the critical mass of this resource and reach higher performance levels. We further showed that our main results were not driven by the engagement partner experience.

Updating of the hierarchical rock mass rating (HRMR) system and a new subsystem developed for weathered granite formations

The RMR system is still very much applied in rock mechanics engineering context. It is based on the evaluation of six weights to obtain a final rating. To obtain the final rating a considerable amount of information is needed concerning the rock mass which can be difficult to obtain in some projects or project stages at least with accuracy. In 2007 an alternative classification scheme based on the RMR, the Hierarchical Rock Mass Rating (HRMR) was presented. The main feature of this system was the adaptation to the level of knowledge existent about the rock mass to obtain the classification of the rock mass since it followed a decision tree approach. However, the HRMR was only valid for hard rock granites with low fracturing degrees. In this work, the database was enlarged with approximately 40% more cases considering other types of granite rock masses including weathered granites and based on this increased database the system was updated. Granite formations existent in the north of Portugal including Porto city are predominantly granites. Some years ago a light rail infrastructure was built in the city of Porto and surrounding municipalities whi h involved considerable challenges due to the high heterogeneity levels of the granite formations and the difficulties involved in their geomechanical characterization. In this work it is intended to provide also a contribution to improve the characterization of these formations with special emphasis to the weathered horizons. A specific subsystem applicable to the weathered formations was developed. The results of the validation of these systems are presented and show acceptable performances in identifying the correct class using less information than with the RMR system.

Advances in microbial diagnosis: using mass spectrometry for proteomics and genomics applications

Since the last two decades mass spectrometry (MS) has been applied to analyse the chemical cellular components of microorganisms, providing rapid and discriminatory proteomic profiles for their species identification and, in some cases, subtyping. The application of MS for the microbial diagnosis is currently well-established. The remarkable reproducibility and objectivity of this method is based on the measurement of constantly expressed and highly abundant proteins, mainly important conservative ribosomal proteins, which are used as markers to generate a cellular fingerprint. Mass spectrometry based on matrix-assisted laser desorption ionization-time of flight (MALDI- TOF) technique has been an important tool for the microbial diagnostic. However, some technical limitation concerning both MALDI-TOF and its used protocols for sample preparation have fostered the research of new mass spectrometry systems (e.g. LC MS/MS). LC MS/MS is able to generate online mass spectra of specific ions with further online sequencing of these ions, which include both specific proteins and DNA fragments. In this work a set of data for yeasts and filamentous fungi diagnostic obtained through an international collaboration project involving partners from Argentina, Brazil, Chile and Portugal will be presented and discussed.

Search for W'→tb- in the lepton plus jets final state in proton-proton collisions at a centre-of-mass energy of s=8 TeV with the ATLAS detector

A search for new charged massive gauge bosons, called W′, is performed with the ATLAS detector at the LHC, in proton--proton collisions at a centre-of-mass energy of s√ = 8 TeV, using a dataset corresponding to an integrated luminosity of 20.3 fb−1. This analysis searches for W′ bosons in the W′→tb¯ decay channel in final states with electrons or muons, using a multivariate method based on boosted decision trees. The search covers masses between 0.5 and 3.0 TeV, for right-handed or left-handed W′ bosons. No significant deviation from the Standard Model expectation is observed and limits are set on the W′→tb¯ cross-section times branching ratio and on the W′-boson effective couplings as a function of the W′-boson mass using the CLs procedure. For a left-handed (right-handed) W′ boson, masses below 1.70 (1.92) TeV are excluded at 95% confidence level.

Combined Measurement of the Higgs Boson Mass in pp Collisions at root s=7 and 8 TeV with the ATLAS and CMS Experiments

A measurement of the Higgs boson mass is presented based on the combined data samples of the ATLAS and CMS experiments at the CERN LHC in the H→γγ and H→ZZ→4ℓ decay channels. The results are obtained from a simultaneous fit to the reconstructed invariant mass peaks in the two channels and for the two experiments. The measured masses from the individual channels and the two experiments are found to be consistent among themselves. The combined measured mass of the Higgs boson is mH=125.09±0.21(stat.)±0.11(syst.) GeV.

Measurement of three-jet production cross-sections in pp collisions at 7 TeV centre-of-mass energy using the ATLAS detector

Double-differential three-jet production cross-sections are measured in proton--proton collisions at a centre-of-mass energy of s√=7TeV using the ATLAS detector at the Large Hadron Collider. The measurements are presented as a function of the three-jet mass (mjjj), in bins of the sum of the absolute rapidity separations between the three leading jets (|Y∗|). Invariant masses extending up to 5 TeV are reached for 8<|Y∗|<10. These measurements use a sample of data recorded using the ATLAS detector in 2011, which corresponds to an integrated luminosity of 4.51fb−1. Jets are identified using the anti-kt algorithm with two different jet radius parameters, R=0.4 and R=0.6. The dominant uncertainty in these measurements comes from the jet energy scale. Next-to-leading-order QCD calculations corrected to account for non-perturbative effects are compared to the measurements. Good agreement is found between the data and the theoretical predictions based on most of the available sets of parton distribution functions, over the full kinematic range, covering almost seven orders of magnitude in the measured cross-section values.

Determination of the top-quark pole mass using t(t)over-bar+1-jet events collected with the ATLAS experiment in 7 TeV pp collisions

The normalized differential cross section for top-quark pair production in association with at least one jet is studied as a function of the inverse of the invariant mass of the tt¯+1-jet system. This distribution can be used for a precise determination of the top-quark mass since gluon radiation depends on the mass of the quarks. The experimental analysis is based on proton--proton collision data collected by the ATLAS detector at the LHC with a centre-of-mass energy of 7 TeV corresponding to an integrated luminosity of 4.6 fb−1. The selected events were identified using the lepton+jets top-quark-pair decay channel, where lepton refers to either an electron or a muon. The observed distribution is compared to a theoretical prediction at next-to-leading-order accuracy in quantum chromodynamics using the pole-mass scheme. With this method, the measured value of the top-quark pole mass, mpolet, is: mpolet =173.7 ± 1.5 (stat.) ± 1.4 (syst.) +1.0−0.5 (theory) GeV. This result represents the most precise measurement of the top-quark pole mass to date.

Development of advanced cell/tissue culture systems, based on enhanced polymeric scaffolds and sophisticated bioreactors, for tissue engineering applications

Programa Doutoral em Engenharia Biomédica

Normal values of echocardiographic measurements. A population-based study

OBJECTIVE: To describe echocardiographic measurements and left ventricular mass in a population sample of healthy adults inhabitants of the urban region of Porto Alegre. METHODS: An analytical, observational, population-based, cross-sectional study was done. Through a multi-stage probability sample, 114 individuals were selected to be submitted to a M-mode and two-dimensional echocardiogram with color Doppler. The analyses were restricted to healthy participants. Echocardiographic measurements were described by mean, standard deviation, 95 percentile and 95% confidence limits. RESULTS: A total of 100 healthy participants, with several characteristics similar to those from the original population, had a complete and reliable echocardiographic examination. The measurements of aorta, left atrium, interventricular septum, left ventricle in systole and diastole, left posterior wall and left ventricular mass, adjusted or not for body surface area or height, were significantly higher in males. The right ventricle size was similar among the genders. Several echocardiographic measurements were within standard normal limits. Interventricular septum, left posterior wall and left ventricular mass, adjusted or not for anthropometric measurements, and aortic dimensions had lower mean and range than the reference limits. CONCLUSION: The means and estimates of distribution for the measurements of interventricular septum, left posterior wall and left ventricular mass found in this survey were lower than those indicated by the international literature and accepted as normal limits.

Experimental and model-based analysis of the steady-state and dynamic operating behaviour of the direct methanol fuel cell (DMFC)

Direct methanol fuel cell, DMFC, model, mass transport, Maxwell-Stefan, Flory-Huggins, crossover, polymer electrolyte membrane, Nafion

Development of a new method for the characterisation of bioreactors concerning heat and mass transfer

Since the specific heat transfer coefficient (UA) and the volumetric mass transfer coefficient (kLa) play an important role for the design of biotechnological processes, different techniques were developed in the past for the determination of these parameters. However, these approaches often use imprecise dynamic methods for the description of stationary processes and are limited towards scale and geometry of the bioreactor. Therefore, the aim of this thesis was to develop a new method, which overcomes these restrictions. This new approach is based on a permanent production of heat and oxygen by the constant decomposition of hydrogen peroxide in continuous mode. Since the degradation of H2O2 at standard conditions only takes place by the support of a catalyst, different candidates were investigated for their potential (regarding safety issues and reaction kinetic). Manganese-(IV)-oxide was found to be suitable. To compensate the inactivation of MnO2, a continuous process with repeated feeds of fresh MnO2 was established. Subsequently, a scale-up was successfully carried out from 100 mL to a 5 litre glass bioreactor (UniVessel®)To show the applicability of this new method for the characterisation of bioreactors, it was compared with common approaches. With the newly established technique as well as with a conventional procedure, which is based on an electrical heat source, specific heat transfer coefficients were measured in the range of 17.1 – 24.8 W/K for power inputs of about 50 – 70 W/L. However, a first proof of concept regarding the mass transfer showed no constant kLa for different dilution rates up to 0.04 h-1.Based on this, consecutive studies concerning the mass transfer should be made with higher volume flows, due to more even inflow rates. In addition, further experiments are advisable, to analyse the heat transfer in single-use bioreactors and in larger common systems.

Enabling dCache to use preexistent mass storage systems

A mesura que la investigació depèn cada vegada més dels computadors, l'emmagatzematge de dades comença a convertir-se en un recurs escàs per als projectes, i suposa una gran part del cost total. Alguns projectes intenten resoldre aquest problema emprant emmagatzament distribuït. És doncs necessari que alguns centres proveeixin de grans quantitats d'emmagatzematge massiu de baix cost basat en cintes magnètiques. L'inconvenient d'aquesta solució és que el rendiment disminueix, particularment a l'hora de tractar-se de grans quantitats d'arxius petits. El nostre objectiu és crear un híbrid entre un sistema d'alt cost i rendiment basat en discs, i un de baix cost i rendiment basat en cintes. Per això, unirem dCache, un sistema d'emmagatzematge distribuït, amb Castor, un sistema d'emmagatzematge jeràrquic, creant sistemes de fitxers virtuals que contindran grans quantitats d'arxius petits per millorar el rendiment global del sistema.

Indirect hydrogen analysis by gas chromatography coupled to mass spectrometry (GC-MS).

Gas chromatography (GC) is an analytical tool very useful to investigate the composition of gaseous mixtures. The different gases are separated by specific columns but, if hydrogen (H2 ) is present in the sample, its detection can be performed by a thermal conductivity detector or a helium ionization detector. Indeed, coupled to GC, no other detector can perform this detection except the expensive atomic emission detector. Based on the detection and analysis of H2 isotopes by low-pressure chemical ionization mass spectrometry (MS), a new method for H2 detection by GC coupled to MS with an electron ionization ion source and a quadrupole analyser is presented. The presence of H2 in a gaseous mixture could easily be put in evidence by the monitoring of the molecular ion of the protonated carrier gas. Copyright © 2013 John Wiley & Sons, Ltd.

Detection of testosterone administration based on the carbon isotope ratio profiling of endogenous steroids: international reference populations of professional soccer players.

BACKGROUND AND OBJECTIVES: The determination of the carbon isotope ratio in androgen metabolites has been previously shown to be a reliable, direct method to detect testosterone misuse in the context of antidoping testing. Here, the variability in the 13C/12C ratios in urinary steroids in a widely heterogeneous cohort of professional soccer players residing in different countries (Argentina, Italy, Japan, South Africa, Switzerland and Uganda) is examined. METHODS: Carbon isotope ratios of selected androgens in urine specimens were determined using gas chromatography/combustion/isotope ratio mass spectrometry (GC-C-IRMS). RESULTS: Urinary steroids in Italian and Swiss populations were found to be enriched in 13C relative to other groups, reflecting higher consumption of C3 plants in these two countries. Importantly, detection criteria based on the difference in the carbon isotope ratio of androsterone and pregnanediol for each population were found to be well below the established threshold value for positive cases. CONCLUSIONS: The results obtained with the tested diet groups highlight the importance of adapting the criteria if one wishes to increase the sensitivity of exogenous testosterone detection. In addition, confirmatory tests might be rendered more efficient by combining isotope ratio mass spectrometry with refined interpretation criteria for positivity and subject-based profiling of steroids.