THE ELEMENTARY TEACHERS’ PERCEPTIONS OF MOTIVATION FOR AND THE PRINCIPAL’S INFLUENCE ON THEIR ENGAGEMENT IN SELF-DIRECTED PROFESSIONAL DEVELOPMENT

All teachers participate in self-directed professional development (PD) at some point in their careers; however, the degree to which this participation takes place varies greatly from teacher to teacher and is influenced by the leadership of the school principal. The motivation behind why teachers choose to engage in PD is an important construct. Therefore, there is a need for better understanding of the leader’s role with respect to how and why teachers engage in self-directed professional development. The purpose of the research was to explore the elementary teachers’ motivation for and the school principal’s influence on their engagement in self-directed professional development. Three research questions guided this study: 1. What motivates teachers to engage in self-directed professional development? 2. What are the conditions necessary for promoting teachers’ engagement in self-directed professional development? 3. What are teachers’ perceptions of the principal’s role in supporting, fostering, encouraging, and sustaining the professional development of teachers? A qualitative research approach was adopted for this study. Six elementary teachers from one south-eastern Ontario school board, consisting of three novice and three more experienced teachers, provided their responses to a consistent complement of 14 questions. Their responses were documented via individual interviews, transcribed verbatim, and thematically analysed. The findings suggested that, coupled with the individual motivating influences, the culture of the school was found to be a conditional dynamic that either stimulated or dissuaded participation in self-directed PD. The school principal provided an additional catalyst or deterrence via relational disposition. When teachers felt their needs for competency, relatedness, and autonomy were satisfied, the conditions necessary to motivate teachers to engage in PD were fulfilled. A principal who personified the tenets of transformational leadership served to facilitate teachers’ inclinations to take on PD. A leadership style that was collaborative and trustful and allowed for personal autonomy was a dominant foundational piece that was critical for participant participation in self-directed PD. Finally, the principals were found to positively impact school climate by partaking in PD alongside teachers and ensuring there was a shared vision of the school so that teachers could tailor PD to parallel school interests.

The evolution and performance of river basin management in the Murray-Darling Basin

We explore bioregional management in the Murray-Darling Basin (MDB) in Australia through the institutional design characteristics of the MDB River Basin Organization (RBO), the actors and organizations who supported and resisted the establishment of the RBO, and the effectiveness of the RBO. During the last 25 years, there has been a major structural reform in the MDB RBO, which has changed from an interstate coordinating body to an Australian government agency. Responsibility for basin management has been centralized under the leadership of the Australian government, and a comprehensive integrated Basin plan has been adopted. The driving forces for this centralization include national policy to restore river basins to sustainable levels of extraction, state government difficulties in reversing overallocation of water entitlements, the millennium drought and its effects, political expediency on the part of the Australian government and state governments, and a major injection of Australian government funding. The increasing hierarchy and centralization of the MDB RBO does not follow a general trend toward multilevel participative governance of RBOs, but decentralization should not be overstated because of the special circumstances at the time of the centralization and the continuing existence of some decentralized elements, such as catchment water plans, land use planning, and water quality. Further swings in the centralization–decentralization pendulum could occur. The MDB reform has succeeded in rebalancing Basin water allocations, including an allocation for the environment and reduced diversion limits. There are some longer term risks to the implementation of reform, including lack of cooperation by state governments, vertical coordination difficulties, and perceived reductions in the accountability and legitimacy of reform at the local level. If implementation of the Basin plan is diverted or delayed, a new institution, the Commonwealth Environmental Water Holder, can play a major role in securing and coordinating environmental water supplies.

The relationship between personal cognition, social context, and knowledge sharing in global communities of practice

The purpose of this study was to identify the structural pathways of personal cognition and social context as they influence knowledge sharing behaviors in communities of practice. Based on the existing literature, ten hypotheses and a conceptual model built on the basis of the social cognitive theory were developed regarding the interrelationships of the five constructs: self-efficacy for knowledge sharing, outcome expectations, sense of community, leadership of a community, and knowledge sharing. The data were collected through an online questionnaire from the employees who have participated in communities of practice in a Fortune 100 corporation. A total of 438 usable questionnaires were collected. Overall, three analyses were conducted in order to prove the given hypotheses: (a) hypothesized measurement model fit, (b) relational and influential associations among the constructs, and (c) structural equation model analysis (SEM). In addition, open-ended responses were analyzed. The results presented that (a) hypothesized measurement models were valid and reliable, (b) personal cognitive factors, self-efficacy and outcome expectations for knowledge sharing, were found to be significant predictors of community members’ sense of community and knowledge sharing behaviors, (c) sense of community had the most significant impact on the knowledge sharing, (d) as the perceived social context, sense of community mediated the effects of personal cognition on knowledge sharing behaviors, and (e) personal cognition and social context jointly contributed to knowledge sharing. In brief, all of the hypotheses were positively supported. A conclusive summary is provided along with contributive discussion. Implications and contributions to HRD researchers and practitioners are discussed, and recommendations are provided.

Leadership and the Labour Party:narrative and performance

The relationships between narrative and leadership, between rhetoric and performance, between doctrine and its voicing, are crucial to party politics and are underrated by both practising politicians and scholars. This study analyses the ‘performance of leadership’ in the UK Labour Party, and what this means for a new approach to understanding politics. The main focus of this study is the five-year leadership of Ed Miliband, 2010-2015. The fortunes of the party and the party leadership can be apprehended as a series of performed rhetorical events. A political leader’s persona is a construction that performs – rather like an actor – in the political space. The author identifies and analyses the architecture and the modalities of leadership persona construction and performance in contemporary politics.

The Proces of Curriculum and Module Design

The outcome of the inductive decision -making process of the leading project management group (PMG) was the proposal to develop three modules, Human Resource Management and Knowledge Management, Quality Management and Intercultural management, each for 10 ECTS credits. As a result of the theoretical and organisational framework and analytical phase of the project, four strategies informed the development and implemen- tation of the modules: 1. Collaboration as a principle stemming from EU collaborative policy and receiving it’s expression on all implementation levels (designing the modules, modes of learning, delivering the modules, evaluation process). 2. Building on the Bologna process masters level framework to assure ap- propriate academic level of outputs. 3. Development of value -based leadership of students through transforma- tional learning in a cross -cultural setting and continual reflection of theory in practice. 4. Continual evaluation and feedback among teachers and students as a strategy to achieve a high quality programme. In the first phase of designing the modules the collaborative strategy in particular was applied, as each module was led by one university, but members from all other universities participated in the discussions and development of the mod- ules. The Bologna process masters level framework and related standards and guidelines informed the form and method of designing the modules.

Contributions of the Rural Education Project (PER)

This paper presents the results of the research project “El proceso de formación inicial del Proyecto de Educación Rural (PER)” (creation of the Rural Education Project, PER by its Spanish acronym), conducted between 1984 and 1987 in the Regional Offices of the Ministry of Public Education in San Carlos, Coto and Limón. The Rural Education Project (PER) was implemented by the Center of Research and Teaching in Education (CIDE) of the Universidad Nacional (UNA) aiming at training teachers of single-teacher schools located in rural areas. The objective of our research was to collect the contributions of PER bearing in mind the training processes required today, and considering the success of PER, which was based on the leadership of teachers to promote community progress in rural areas from the classroom, an input to be considered in the new learning processes of Rural Education

Nomenclature for congenital and paediatric cardiac disease: Historical perspectives and The International Pediatric and Congenital Cardiac Code

Clinicians working in the field of congenital and paediatric cardiology have long felt the need for a common diagnostic and therapeutic nomenclature and coding system with which to classify patients of all ages with congenital and acquired cardiac disease. A cohesive and comprehensive system of nomenclature, suitable for setting a global standard for multicentric analysis of outcomes and stratification of risk, has only recently emerged, namely, The International Paediatric and Congenital Cardiac Code. This review, will give an historical perspective on the development of systems of nomenclature in general, and specifically with respect to the diagnosis and treatment of patients with paediatric and congenital cardiac disease. Finally, current and future efforts to merge such systems into the paperless environment of the electronic health or patient record on a global scale are briefly explored. On October 6, 2000, The International Nomenclature Committee for Pediatric and Congenital Heart Disease was established. In January, 2005, the International Nomenclature Committee was constituted in Canada as The International Society for Nomenclature of Paediatric and Congenital Heart Disease. This International Society now has three working groups. The Nomenclature Working Group developed The International Paediatric and Congenital Cardiac Code and will continue to maintain, expand, update, and preserve this International Code. It will also provide ready access to the International Code for the global paediatric and congenital cardiology and cardiac surgery communities, related disciplines, the healthcare industry, and governmental agencies, both electronically and in published form. The Definitions Working Group will write definitions for the terms in the International Paediatric and Congenital Cardiac Code, building on the previously published definitions from the Nomenclature Working Group. The Archiving Working Group, also known as The Congenital Heart Archiving Research Team, will link images and videos to the International Paediatric and Congenital Cardiac Code. The images and videos will be acquired from cardiac morphologic specimens and imaging modalities such as echocardiography, angiography, computerized axial tomography and magnetic resonance imaging, as well as intraoperative images and videos. Efforts are ongoing to expand the usage of The International Paediatric and Congenital Cardiac Code to other areas of global healthcare. Collaborative efforts are under-way involving the leadership of The International Nomenclature Committee for Pediatric and Congenital Heart Disease and the representatives of the steering group responsible for the creation of the 11th revision of the International Classification of Diseases, administered by the World Health Organisation. Similar collaborative efforts are underway involving the leadership of The International Nomenclature Committee for Pediatric and Congenital Heart Disease and the International Health Terminology Standards Development Organisation, who are the owners of the Systematized Nomenclature of Medicine or ""SNOMED"". The International Paediatric and Congenital Cardiac Code was created by specialists in the field to name and classify paediatric and congenital cardiac disease and its treatment. It is a comprehensive code that can be freely downloaded from the internet (http://www.IPCCC.net) and is already in use worldwide, particularly for international comparisons of outcomes. The goal of this effort is to create strategies for stratification of risk and to improve healthcare for the individual patient. The collaboration with the World Heath Organization, the International Health Terminology Standards Development Organisation, and the healthcare Industry, will lead to further enhancement of the International Code, and to Its more universal use.

Funções gerenciais na gestão educacional : caracterização do trabalho gerencial dos gestores da Secretaria Municipal de Educação de Santa Maria de Jetibá-ES

Esta pesquisa tem a intenção de descrever as características do trabalho gerencial de gestores educacionais, iniciando-se de estudo realizado com gestores escolares, coordenadores pedagógicos que atendem às escolas multisseriadas da secretaria de educação do município de Santa Maria de Jetibá (ES). Buscou-se caracterizar a ação gerencial desses gestores partindo das percepções deles sobre os trabalhos realizados junto aos demais membros da comunidade escolar, equipes de gestão e gestão da secretaria municipal, não deixando de lado as particularidades da área educacional, principalmente sobre gestão democrática e autonomia. Para se entender a diversidade, a complexidade e as dinâmicas relações dos gestores, foram realizadas entrevistas semiestruturadas que contribuíram para aprofundamento nessas dinâmicas. Documentos foram analisados para conhecimento e caracterização da formatação da estrutura organizacional da secretaria de educação. Os relatos das entrevistas apresentaram fragmentos que puderam nortear ideias para um melhor tratamento dos dados, que foram realizados analisando os conteúdos apresentados pelos gestores entrevistados. As conversas realizadas com esses entrevistados mostraram ambiguidade, dinamismo e pluralidade no desenvolvimento das “funções gerenciais” dos gestores educacionais, que são líderes, companheiros e executores de trabalhos junto aos demais componentes das relações do ambiente educacional. Assim, as expectativas são de que esta pesquisa possa fazer com que novos diálogos surjam para discutir as relações dos gestores educacionais, principalmente sobre as ações dos coordenadores que atuam junto às escolas multisseriadas.

O mar não está para peixe : uma etnografia dos conflitos socioambientais em torno da Zona de Proteção Marinha e da comunidade pesqueira do Bugigão – RESEXMAR do Corumbau/Bahia.

A Reserva Extrativista Marinha (RESEXMAR) do Corumbau foi criada no ano de 2000, a partir de uma ação coletiva, iniciada em 1997 por meio das lideranças de pescadores locais, na busca de instrumento jurídico que garantisse o acesso exclusivo dos recursos pesqueiros contra a atividade da pesca comercial de camarão sete-barbas que se instalou na década de 1980. Durante o processo de criação da RESEXMAR do Corumbau, os pescadores obtiveram apoio de órgãos governamentais, como a Coordenação Nacional de Populações Tradicionais (CNPT) e de entidades ambientalistas do terceiro setor – Associação Pradense de Proteção Ambiental (APPA), e posteriormente a Conservation International do Brasil (CI-Brasil). Entretanto, após a criação da RESEXMAR do Corumbau – entre os anos 2000 e 2002 – foi elaborado o Plano de Manejo que orientaria a gestão da Unidade de Conservação (UC). O documento foi capitaneado pela equipe técnica e científica vinculada à CI-Brasil, tendo como ponto de destaque a criação de áreas de exclusão total da atividade da pesca, por meio da Zona de Proteção Marinha (ZPM). A ideia de uma ZPM, para a CI-Brasil, era que de forma indireta e em médio e longo prazo, os pescadores se beneficiariam com o possível aumento de produção de pescado, contanto que 30% de cobertura de recifes tivesse algum tipo de proteção dos processos ecológicos, tais como reprodução e crescimento de espécies. Durante as discussões do Plano de Manejo e atualmente uma parcela de pescadores locais contestaram os limites da ZPM, pois iria restringir o acesso aos recursos pesqueiros. No entanto, tal contestação foi suprimida pelas relações não formais que os membros da CI-Brasil possuíam com o núcleo familiar principal da Vila do Corumbau, forçando os demais em um acordo formal temporário. Tal questionamento evidenciou um conflito de conjunto de normas distintas entre pescadores artesanais em relação à CI-Brasil e IBAMA: a pesca artesanal ‒ um tipo de ação que segue normas específicas das quais elementos humanos e não humanos interagem conjuntamente, evidenciando um conhecimento prático e corporizado constituindo um modelo compreensivo de mundo e de natureza; conceitos modernos e globalizantes de uma natureza totalmente desvinculada das práticas locais artesanais, com forte articulação de uma entidade ambientalista de alcance internacional, guiada pela emergência das questões ambientais, imprimindo no local (o lugar da prática da pesca tradicional) a ideia de um espaço (Áreas Marinhas Protegidas), desencaixado de formas específicas de natureza/culturas.

O papel da Organização das Nações Unidas em Angola

RESUMO: Angola tem sido ao longo dos tempos objecto de cobiça por parte de países estrangeiros por motivações diversas, que foram desde interesses coloniais – como aconteceu com Portugal, que durante séculos a colonizou, e da Holanda, que dominou Luanda entre 1641 e 1648 – ou por interesses hegemónicos, ideológicos e políticos – como sucedeu com os EUA e a URSS, mas também com a Republica Popular da China e Cuba – e até por interesses regionais – como foram os casos da África do Sul e dos contíguos Congo Belga, hoje Republica Democrática do Congo, e Zâmbia. No entanto, a todos estes interesses diversos não se pode excluir um que lhes é transversal: o interesse económico. De facto, os 1246700 km² de que Angola dispõe, aliados à sua excelente localização geográfica com uma extensa costa atlântica e a sua extraordinária riqueza em recursos naturais podem explicar este envolvimento estrangeiro na História de Angola. No que diz respeito ao objecto da Dissertação, o envolvimento da ONU nas questões relacionadas com Angola remonta à década de 50, ou seja, ao período colonial e muito antes da independência do país em 1975, devido à política descolonizadora saída da II Guerra Mundial. Além disso, a dinâmica que emergiu da II Guerra Mundial, rapidamente, reconfigurou o panorama político internacional em dois blocos: o ocidental liderado pelos EUA e o de Leste liderado pela URSS, que se envolveram numa Guerra Fria, polarização cujos efeitos se ligam de forma trágica à guerra em Angola, primeiro para a autodeterminação, e, depois, já num contexto de independência, num conflito armado que ultrapassou o plano interno. Os interesses dos EUA e da URSS, que começaram por ser antagónicos, deram lugar em 1989 com o fim da bipolaridade a uma cooperação mais aberta e uma abertura política em Angola rumo à paz e ao início da construção da democracia. Neste trabalho estuda-se o papel da ONU em Angola, quer no período de luta pela independência, quer depois, na busca da paz no sangrento conflito – nem sempre civil – que mesmo antes da data da independência, a 11 de Novembro de 1975, e até Fevereiro de 2002, dilacerou o país. Procura-se, igualmente, analisar o contributo da ONU na consolidação das instituições e na construção de um regime democrático em Angola. ABSTRACT: Angola has been along time subject to the greed of several foreign countries for many reasons and motivations which go from colonial interests - that is the cases of, Portugal which for centuries colonized it, and Netherlands under whose administration had been Luanda between 1641 and 1648 - or for hegemonic, ideological and political interests - as it happened in regard to USA and USSR, but also People‟s Republic of China, Cuba, - and even for regional interests - regarding South Africa Republic, and the neighbouring countries, Democratic Republic of Congo (ancient Republic of the Congo “Leopoldville”), and the Republic of Zambia. On the other hand to these interests we may join another which is transversal to all of them: economic interest. Effectively, Angola‟s 481,351 square miles (1,246,700 Km2) estimated area, combined with its excellent geographical location with a lengthy Atlantic coast, its extraordinary richness in natural resources may well explain this foreign participation in its Political History. Concerning the objective of this work, the UN has been involved in matters regarding Angola since the decade of 50 of the last century, during the colonial period, long before the independence of the country in 1975, due to the decolonization policy emerged from the Second World War. Furthermore, after the Second World War, international environment has changed, transforming quickly the world into two main blocs, the West with the leadership of the USA and the East with the leadership of USSR which went into a Cold War. The effects of this polarization reached tragically Angola, early in the fight for self-determination, and went on later after independence in an armed conflict, which has overcome the internal dimension. The USA and USSR interests, at the beginning being antagonistic had become by 1989, with the end of bipolarity, more cooperative, leading Angola to a political reform towards peace and beginning the construction of democracy. In this academic work it‟s studied the UNO role in Angola since the fight for self-determination early in the sixties of last century, and later in the search for peace during the bloody - and not always civil – war conflict which very before independence date in 11th November 1975, and as long as 2002, divided the country. Additionally, this work aims to understand the UNO contribution to consolidate institutions and to promote democracy in Angola.

Balanced scorecard: estudo de caso de uma empresa de serviços de gestão

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientadora: Doutora Cláudia Lopes

O papel da inovação como factor de sucesso no mercado competitivo actual : um estudo aplicado à Portugal Telecom

Mestrado em Gestão e Empreendedorismo

Diversidade de culturas organizacionais: obstáculos e desafios para a liderança de um mega agrupamento

Este projeto tem por base um problema identificado num mega agrupamento de um concelho do grande porto, criado em junho de 2012, e que se centra nas dificuldades de gestão e liderança de uma organização resultante da agregação de duas unidades com culturas organizacionais distintas. Na perspetiva de conhecermos e compreendermos o problema e respondermos ao nosso questionamento, optamos por uma metodologia qualitativa seguindo o método de um estudo de caso. No estudo empírico, cuja técnica de recolha foi um focus group, recolheram-se as perceções dos professores das unidades agregadas sobre a criação da nova organização, sobre o impacto nas identidades e culturas organizacionais, sobre a forma da procura de uma coesão no respeito pela diversidade e identificaram-se os quadros de referência das escolas que se agregaram. O estudo realizado permite reconhecer que as dificuldades ao nível da gestão e liderança se confinam mais na escola que perdeu a centralidade e que se sente numa posição periférica. Na elaboração do plano de ação recuperámos e valorizámos a ideia de que um modelo de liderança baseado em valores poderia ser um caminho para a unidade. Neste sentido o plano de ação, com base em alguns princípios de atuação e definição de estratégias tenta dar resposta à questão de partida e em congruência com um modelo de liderança por valores.

Caracterização dos beneficiários do Programa De volta para casa de Belo Horizonte/MG/Brasil quanto à autonomia e comportamento social

RESUMO: INTRODUÇÃO E OBJETIVOS: Trata-se de estudo transversal descritivo, em etapa única, cujo objetivo foi traçar o perfil dos beneficiários do Programa De volta para casa (PVC), munícipes de Belo Horizonte / Minas Gerais / Brasil, quanto ás habilidades de vida independente (autonomia) e comportamento social. MÉTODO: O universo inicial de beneficiários era de 210, em julho de 2013, data de aprovação do protocolo. Por questões operacionais, o público-alvo considerado e estudado foi de 121 beneficiários. Foram utilizados como instrumentos as escalas Independent Living Skills Survey (ILSS) e Social Behavior Scale (SBS). Foi feita a análise estatística dos dados e os resultados foram analisados à luz do paradigma emergente de produção social da saúde. RESULTADOS: Considerando o total válido estudado de 121 beneficiários, os resultados revelaram que 82,4% apresentam diagnóstico de esquizofrenia e 62% eram do sexo masculino. Apresentaram média de idade de 57,9 anos e tempo médio de internação psiquiátrica antes de inserção no programa de 30,9 anos. Quanto à autonomia, os resultados da ILSS revelaram uma média global de 1,6 sendo que os melhores índices foram alcançados nos subitens Cuidados pessoais (2,69), Alimentação (2,53), Saúde (2,07) e os piores índices foram encontrados nos subitens Emprego (0,47), Lazer (0,86) e Preparo e armazenamento de alimentos (0,98). Quanto aos problemas no comportamento social, os resultados da SBS revelaram uma média global de 0,69 sendo que as áreas de maiores dificuldade foram: Rir ou falar sozinho (40,5%), Incoerência da fala (29%), Auto-cuidado precário e Pouca atividade (ambas com 25,6% cada). As áreas de menores dificuldades, ainda quanto à SBS, foram: Idéias suicidas 92,4%), Comportamento sexual inapropriado (7,4%) e Depressão (9,9%). CONCLUSÃO: Concluiu-se que o perfil dos beneficiários do PVC, quanto à autonomia e aos problemas de comportamento social, aponta para médias relativamente baixas. O desafio para o enfrentamento desta questão deverá considerar estratégias múltiplas de ação à luz do paradigma emergente de saúde e da reabilitação psicossocial que priorize o empoderamento e protagonismo do beneficiário. É necessário o desenvolvimento de outros estudos que ampliem o evidenciamento desta clientela no que tange às suas reais necessidades e potencialidades para que se possa efetivar o ajuste necessário para a legitimação do programa enquanto ação efetivo-eficaz de promoção de saúde.-------------ABSTRACT: descriptive cross-sectional study in a single stage was conducted to investigate independent living skills and social behavior profile of beneficiaries of Programa De Volta para casa (PVC) who live in Belo Horizonte/Minas Gerais/Brazil. METHODS: The target population included a total of 210 individuals in july 2013, when the study was approved by the ethics committees. Because of operational reasons only 121 individuals were evaluated. Data were collected using the Independent Living Skills Survey (ILSS) and the Social Behavior Scale (SBS). Statistical results were analyzed considering as a reference framework both the emerging paradigm of social health production. RESULTS: Considering a sample of 121 individuals, results revealed that 82.4% were diagnosed with schizophrenia, and 62% were male. The mean age was 57.9 years and the mean stay in the psychiatric hospital prior to PVC was 30.9 years. Independent living skills measured by ILSS revealed a global mean of 1.6, and the best scores were in the following subscales: personal care (2.69), feeding (2.53) and health (2.07). On the other hand, the worst scores were in the following subscales: employment (0.47), leisure (0.86) and food preparation (0.98). Impairment of social functioning measured by SBS revealed a global mean of 0.69, and the best scores were in the following subscales: laughing and talking by itself (40.5%), conversation: incoherence (29%), appearance and personal hygiene (25.6%), and idleness (25.6%). The worst scores were in the following subscales: suicidal ideations (92.4%), improper sexual behavior (7.4%), and depression (9.9%). CONCLUSION: It was concluded that the profile of PVC beneficiaries, regarding their autonomy and their problems of social behavior, points to a relatively low average. The challenge of facing this issue should consider multiple strategies of intervention that prioritizes the empowerment and leadership of the beneficiaries, based on the emerging paradigm of health and psychosocial rehabilitation as a reference framework. The development of other studies that expand the evidencing of this target population with respect to their real needs and capabilities in order to carry out the necessary adjustments for the legitimacy of the program as effective health promotion action is required.

Exploiting the cointrgration between vix and CDS in a credit market timing model

We investigate the cointegration between VIX and CDS indices, and the possibility of exploiting it in an existing credit market timing investment model. We find cointegration over most of the sample period and the leadership of VIX over the CDS in the price discovery process. We present two methods for including cointegration into the model. Both strategies improve the in-sample and out-of-sample model performances, even though out-of-sample results are weaker. We find that in-sample better performances are explained by a stronger cointegration, concluding that in the presence of cointegration our strategies can be profitable in an investment model that considers transaction costs.