The determinants of international equity and bond investment

The purpose of this research is fourfold. First, to investigate whether the determinants of international equity investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. Particularly, noninstitutional investors exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors, suggesting that the effect of information costs and familiarity on international equity investment is stronger for less informed, experienced and sophisticated investors. Moreover, the preference for more developed equity markets and the contrarian behaviour are more severe for noninstitutional investors. Hence, the heterogeneity of institutional and noninstitutional investors in international equity investment is not negligible and therefore should be taken into account. Second, to investigate whether the determinants of international bond investment differ between investors with different degrees of information, experience and sophistication. For this purpose, the determinants of international bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that there are few significant differences in the determinants of international bond investment between institutional and noninstitutional investors. Particularly, the preference for bonds of more transparent countries and the return chasing behaviour are more pronounced for noninstitutional investors, whereas the preference for bonds with lower risk diversification potential is more pronounced for institutional investors. Hence, not only the results for international bond investment do not allow to support (or reject) the argument that information costs and familiarity are more important for less informed, experienced and sophisticated investors, but also they are contrary to the idea that financial variables, namely return and risk diversification, are more important for more informed, experienced and sophisticated investors. Third, to investigate whether the determinants of international equity investment differ from the determinants of international bond investment. For this purpose, the determinants of both international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries, in the period 2001-2009, were analysed and compared. The results show that, although the effect of information costs on international equity investment tends to be stronger than on international bond investment, the differences between assets are not usually statistically significant, especially when the influence of financial variables is taken into account. Hence, it is not possible to conclude that international equity investment is much more information intensive than international bond investment, as suggested by Gehrig (1993) and Portes, Rey and Oh (2001), among others. Fourth, to investigate whether the flight to quality phenomenon is also observable in international investment and whether the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors. For this purpose, a two-factor and three-factor ANOVA models, respectively, were applied to the international equity and bond investment of institutional and noninstitutional investors from 20 OECD countries in the period 2001-2009. The results suggest that the flight to quality phenomenon is also observable in international investment, as a change from business cycle of expansion to recession causes investors to significantly decrease the average weight invested in more risky assets (equities) and increase the average weight invested in less risky assets (bonds). The results also show that the variation on the average weight assigned to each type of asset, due to changes in business cycles, is significantly stronger for institutional investors than for noninstitutional investors, thereby suggesting that the flight to quality phenomenon is more pronounced for more sophisticated than for less sophisticated investors.

The development of a scale to measure concepts of schizophrenia: experience among Brazilian psychiatrists

INTRODUCTION: Among psychiatric disorders schizophrenia is often said to be the condition with the most disputed definition.The Bleulerian and Schneiderian approaches have given rise to diagnostic formulations that have varied with time and place. Controversies over the concept of schizophrenia were examined within European/North American settings in the early 1970s but little has since been reported on the views of psychiatrists in developing countries. In Brazil both concepts are referred to in the literature. A scale was developed to measure adherence to Bleulerian and Schneiderian concepts among psychiatrists working in S. Paulo. METHODOLOGY: A self-reported questionnaire comprising seventeen visual analogue-scale statements related to Bleulerian and Schneiderian definitions of Shizophrenia, plus sociodemographic and training characteristics, was distributed to a non-randomised sample of 150 psychiatrists. The two sub-scales were assessed by psychometric methods for internal consistency, sub-scale structure and test-retest reliability. Items selected according to internal consistency were examined by a two-factor model exploratory factor analysis. Intraclass correlation coefficients described the stability of the scale. RESULTS: Replies were received from 117 psychiatrists (mean age 36 (SD 7.9)), 74% of whom were made and 26% female. The Schneiderian scale showed better overall internal consistency than the Bleulerian scale. Intra-class correlation coefficients for test-retest comparisons were between 0.5 and 0.7 for Schneiderian items and 0.2 and 0.7 for Bleulerian items. There was no negative association between Bleulerian and Schneiderian scale scores, suggesting that respondents may hold both concepts. Place of training was significantly associated with the respondent's opinion; disagreement with a Bleulerian standpoint predominated for those trained at the University of S. Paulo. CONCLUSIONS: The less satisfactory reliability for the Bleulerian sub-scale limits confidence in the whole scale but on the other hand this questionnaire contributes to the understanding of the controversy over Bleulerian and Schneiderian models for conceptualisation of schizophrenia, the former requiring more inference and therefore being prone to unreliability.

Personality, emotion and mood simulation in decision making

In this paper is proposed the integration of personality, emotion and mood aspects for a group of participants in a decision-making negotiation process. The aim is to simulate the participant behavior in that scenario. The personality is modeled through the OCEAN five-factor model of personality (Openness, Conscientiousness, Extraversion, Agreeableness and Negative emotionality). The emotion model applied to the participants is the OCC (Ortony, Clore and Collins) that defines several criteria representing the human emotional structure. In order to integrate personality and emotion is used the pleasure-arousal-dominance (PAD) model of mood.

E-Learning as a shared service in shared services centers

Book Subtitle International Conference, CENTERIS 2010, Viana do Castelo, Portugal, October 20-22, 2010, Proceedings, Part II

Brazilian version of the Quality of Care Scale: the perspective of people with disabilities

OBJECTIVE To analyze evidence of the validity and reliability of a Brazilian Portuguese version of the Quality of Care Scale from the perspective of people with physical and intellectual disabilities.METHODS There were 162 people with physical disabilities and 156 with intellectual disabilities from Porto Alegre and metropolitan region, who participated in the study in 2008. Classical psychometrics was used to independently analyze the two samples. Hypotheses for evidence of criterion validity (concurrent type) were tested with the Mann-Whitney test for non-normal distributions. Principal components analysis was used to explore factorial models. Evidence of reliability was calculated with Cronbach alpha for the scales and subscales. Test-retest reliability was analyzed for individuals with intellectual disabilities through intra-class correlation coefficient and the Willcoxon test.RESULTS The principal components in the group with physical disabilities replicated the original model presented as a solution to the international project data. Evidence of discriminant validity and test-retest reliability was found.CONCLUSIONS The transcultural factor model found within the international sample project seems appropriate for the samples investigated in this study, especially the physical disabilities group. Depression, pain, satisfaction with life and disability may play a mediating role in the evaluation of quality of care. Additional research is needed to add to evidence of the validity of the instruments.

Numerical and experimental analyses of biocomposites reinforced with natural fibres

n the last decades the biocomposites have been widely used in the construction, automobile and aerospace industries. Not only the interface transition zone (ITZ) but also the heterogeneity of natural fibres affects the mechanical behaviour of these composites. This work focuses on the numerical and experimental analyses of a polymeric composite fabricated with epoxy resin and unidirectional sisal and banana fibres. A three-dimensional model was set to analyze the composites using the elastic properties of the individual phases. In addition, a two-dimensional model was set taking into account the effective composite properties obtained by micromechanical models. A tensile testing was performed to validate the numerical analyses and evaluating the interface condition of the constitutive phases.

Simulation of rectifier voltage malfunction on OWECS, four-level converter, HVDC light link: Smart grid context tool

This paper presents a model for the simulation of an offshore wind system having a rectifier input voltage malfunction at one phase. The offshore wind system model comprises a variable-speed wind turbine supported on a floating platform, equipped with a permanent magnet synchronous generator using full-power four-level neutral point clamped converter. The link from the offshore floating platform to the onshore electrical grid is done through a light high voltage direct current submarine cable. The drive train is modeled by a three-mass model. Considerations about the smart grid context are offered for the use of the model in such a context. The rectifier voltage malfunction domino effect is presented as a case study to show capabilities of the model. (C) 2015 Elsevier Ltd. All rights reserved.

Estrutura a partir do Movimento em Sistemas Autónomos

Mestrado em Engenharia Electrotécnica e de Computadores - Ramo de Sistemas Autónomos

Projecto de estruturas de uma passagem superior em madeira

Este projecto visa um estudo de uma solução para uma ponte pedonal de Madeira Lamelada Colada (MLC) entre o Hospital Pedro Hispano e o Norte-Shopping, localizada na Senhor da Hora. Inicialmente foram analisadas diversas variantes, com vários tipos de sistemas, sendo adoptada uma ponte formada por dois arcos, que se aproximam à medida que se afastam dos encontros unidos por contraventamentos em cruz. O tabuleiro encontra-se suspenso por tirantes e apoiados dos dois lados nos encontros. Foi realizado uma pequena introdução histórica da utilização da madeira enquanto material de construção, a sua fabricação e os vários tipos de pontes pedonais em MLC. O uso da madeira em estruturas fez com que a abordagem do Eurocódigo 5 (EC5) tivesse uma maior importância. A estrutura é modelada no programa de cálculo “DLUBAL ” através de um modelo de barras tridimensional de modo a efectuar uma análise estática e dinâmica global, recorrendo-se para tal a normas e princípios gerais de verificação de segurança dos regulamentos Europeus, nomeadamente os Eurocódigos das várias especialidades. Apresentam-se em anexo vários desenhos da ponte, desenhos das peças de ligação, o mapa de trabalhos e quantidades, ideias preliminares, dimensionamento e a escolha dos ligadores e por fim os diagramas de esforços dos elementos aos Estados-limite Último.

Condições de trabalho, comprometimento organizacional e saúde mental: um estudo no setor da bricolage

A presente investigação tem como objetivo principal avaliar a relação entre as Condições de Trabalho, o Comprometimento Organizacional, a Satisfação Social, e a Saúde Mental dos trabalhadores no setor da Bricolage. É sua intenção compreender se as Condições de Trabalho são preditoras de Comprometimento Organizacional e Satisfação com as Relações Sociais, e se o Comprometimento Organizacional explica o Burnout, a Ansiedade e a Depressão destes trabalhadores. Investiga igualmente, através de análises exploratórias, a possível influência de algumas variáveis sociodemográficas e profissionais nos diversos construtos verificados. Participaram neste estudo, num universo de 564 colaboradores de organizações de venda de material de Bricolage da região Norte de Portugal, 190 trabalhadores (33,7%), sendo que 42,6% (n = 81) são do sexo Feminino e 57,4% (n = 109) do sexo Masculino. A metodologia do estudo seguiu uma abordagem quantitativa, com carácter descritivo, exploratório e preditivo, com utilização de inquérito por questionário. A recolha de dados foi feita num único momento através de uma série de instrumentos, entre os quais: Cuestionario de Condiciones de Trabajo (qCT) – Escalas Método e Ambiente; Three-Component Model of Organizational Commitment; The General Health Questionnaire (GHQ-12); World Health Organization Quality of Life – Bref (WHOQOL-Bref) – Escala das Relações Sociais; Maslach Burnout Inventory – General Survey (MBI-GS); Ficha Demográfico Profissional. As análises psicométricas destes mostraram uma validade e uma fidelidade bastante satisfatória. Os resultados obtidos neste estudo apontam, que as Condições de Trabalho são preditoras, quer do Comprometimento Organizacional, quer da Satisfação com as Relações Sociais. O Comprometimento Organizacional é, preditor significativo de maior Saúde Mental, e igualmente de menor síndrome de Burnout. As análises exploratórias mostraram diferenças significativas em termos de variáveis sociodemográficas (e.g. Idade: Comprometimento Organizacional, Saúde Mental e Burnout; Estado Civil: Condições de Trabalho; Número de Filhos: Comprometimento Organizacional). Quanto às variáveis profissionais, foram encontradas significâncias na Antiguidade (Comprometimento Organizacional e Saúde Mental) e na Função (Comprometimento Organizacional, Condições de Trabalho e Burnout). No final deste trabalho são discutidos e apresentados os principais resultados obtidos e as suas conclusões.

The fitting of the German yield curve: A dynamic approach using latent, macroeconomic and stock market variables

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

Inventário de Medos III : Avaliação das qualidades psicométricas em uma amostra portuguesa

Este estudo teve como objetivo avaliar as qualidades psicométricas do Fear Survey Schedule-III, em uma amostra portuguesa. Participaram 1.980 sujeitos selecionados por conveniência a partir de uma população adulta normativa. As idades dos participantes estavam compreendidas entre os 18 e os 80 anos (M = 39,5, DP = 8,5), sendo 59% do sexo feminino. As qualidades psicométricas da escala foram avaliadas em suas facetas de sensibilidade psicométrica, validade de construto e confi abilidade. A validade externa de construto foi avaliada com análise multigrupos em amostra aleatória e independente da amostra de validação inicial. O modelo fatorial original proposto apresentou um ajustamento inaceitável à amostra de validação. Procedeu-se ao refi namento do modelo de medida em uma parte da amostra, selecionada aleatoriamente. Em conclusão, o modelo de medida simplifi cado apresentou uma boa qualidade de ajustamento fatorial e foi invariante em uma segunda amostra independente da primeira. Propôs-se uma nova estrutura hierárquica, com fator de 2ª ordem designado por “Medos”, que revelou boas qualidades psicométricas (sensibilidade, validade de construto e confi abilidade).

The new economy: Essays in network economics and two-sided markets

Following the Introduction, which surveys existing literature on the technology advances and regulation in telecommunications and on two-sided markets, we address specific issues on the industries of the New Economy, featured by the existence of network effects. We seek to explore how each one of these industries work, identify potential market failures and find new solutions at the economic regulation level promoting social welfare. In Chapter 1 we analyze a regulatory issue on access prices and investments in the telecommunications market. The existing literature on access prices and investment has pointed out that networks underinvest under a regime of mandatory access provision with a fixed access price per end-user. We propose a new access pricing rule, the indexation approach, i.e., the access price, per end-user, that network i pays to network j is function of the investment levels set by both networks. We show that the indexation can enhance economic efficiency beyond what is achieved with a fixed access price. In particular, access price indexation can simultaneously induce lower retail prices and higher investment and social welfare as compared to a fixed access pricing or a regulatory holidays regime. Furthermore, we provide sufficient conditions under which the indexation can implement the socially optimal investment or the Ramsey solution, which would be impossible to obtain under fixed access pricing. Our results contradict the notion that investment efficiency must be sacrificed for gains in pricing efficiency. In Chapter 2 we investigate the effect of regulations that limit advertising airtime on advertising quality and on social welfare. We show, first, that advertising time regulation may reduce the average quality of advertising broadcast on TV networks. Second, an advertising cap may reduce media platforms and firms' profits, while the net effect on viewers (subscribers) welfare is ambiguous because the ad quality reduction resulting from a regulatory cap o¤sets the subscribers direct gain from watching fewer ads. We find that if subscribers are sufficiently sensitive to ad quality, i.e., the ad quality reduction outweighs the direct effect of the cap, a cap may reduce social welfare. The welfare results suggest that a regulatory authority that is trying to increase welfare via regulation of the volume of advertising on TV might necessitate to also regulate advertising quality or, if regulating quality proves impractical, take the effect of advertising quality into consideration. 3 In Chapter 3 we investigate the rules that govern Electronic Payment Networks (EPNs). In EPNs the No-Surcharge Rule (NSR) requires that merchants charge at most the same amount for a payment card transaction as for cash. In this chapter, we analyze a three- party model (consumers, merchants, and a proprietary EPN) with endogenous transaction volumes and heterogenous merchants' transactional benefits of accepting cards to assess the welfare impacts of the NSR. We show that, if merchants are local monopolists and the network externalities from merchants to cardholders are sufficiently strong, with the exception of the EPN, all agents will be worse o¤ with the NSR, and therefore the NSR is socially undesirable. The positive role of the NSR in terms of improvement of retail price efficiency for cardholders is also highlighted.

Conflict in cross-functional teams

The present study is a qualitative analysis of the tensions that occur in cross-functional teams (CFTs) and the way in which they can affect the teams' accomplishments. The research is focused on a single case, COHTTEC 2005, a program aimed at transforming new technologies into businesses that took place in Lisbon, Portugal, starting March 2005. In this program, participants were organized in cross-functional teams that included researchers and management students. Semi-structured interviews were made to a sample of 17 participants. These interviews were recorded and transcribed. A table was then elaborated based on the primary data provided by the subjects and these data were classified in different categories. A three-stage model of group dynamics is proposed. The major findings of this project point to the role of interpersonal relationships on group outcomes. More specifically, several patterns associated with team malfunction were uncovered, the clearest ones being autocratic decision-making and arrogant behavior from some team members, as well as escalation in relationship conflict. Implications from these results are discussed, both for future research and for practice.