Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Teatro sombrio: o demônio em cena nos trópicos: o papel do teatro Anchietano no processo de colonização da América portuguesa no século XVI

O teatro anchietano, que articula a educação, a arte e a religião por meio de um interessante intercâmbio de signos, configurou-se como um dos mais relevantes instrumentos pedagógicos utilizados pela Companhia de Jesus na América Portuguesa durante o século XVI. Suas práticas discursivas acerca do Diabo e de seu séquito infernal tinham por objetivos, a partir da construção de uma pedagogia do medo, a promoção do catolicismo entre os indígenas e a adaptação desses povos à cultura euro-cristã, garantindo, desta forma, a viabilidade da colonização desses domínios ultramarinos pertencentes à coroa portuguesa. O processo de elaboração das representações culturais, característico dos encontros e confrontos entre os mundos europeu e indígena, a gestação de novos modelos de organização social e de valores, por meio do crivo da mestiçagem cultural, serão levados em conta para a análise da ação missionária jesuítica. Na presente dissertação analisaremos esses aspectos tendo por base o Auto de São Lourenço escrito pelo padre José de Anchieta.

Teixeira de Pascoaes e Manoel de Barros não sabem que sabem o que Freud e Lacan descobriram

A psicanálise e a arte sempre se atraíram. Freud e Lacan se utilizam muito da literatura, das artes plásticas, da música e do teatro para a ilustração de importantes conceitos psicanalíticos. Esta dissertação tem a intenção de mostrar a relação da psicanálise com a literatura, sobretudo, da psicanálise com a poesia. Através da obra do poeta e escritor português Teixeira de Pascoaes (1877-1952), o principal representante do saudosismo e uma das mais proeminentes figuras da cultura portuguesa do século XX, e do poeta brasileiro Manoel de Barros, considerado por muitos, o maior poeta brasileiro vivo, ratificaremos como a literatura foi fundamental para a construção do corpus teórico de Freud e Lacan e de outros grandes autores da psicanálise. Usaremos a poesia de Pascoaes e Barros para exemplificarmos conceitos como a pulsão, o inconsciente e a sublimação, este último, inacabado pelo pai da psicanálise. Mostraremos também, como a obra dos dois poetas, de alguma forma, se encontram

Os Menecmos de Plauto e Os Estrangeiros de Sá de Miranda em uma abordagem comparativa

Este trabalho tem como objetivo criar um diálogo entre aspectos da cultura popular presentes no teatro de Plauto na peça Os Menecmos e no teatro de Sá de Miranda na peça Os Estrangeiros, estabelecendo uma abordagem comparativa entre as duas obras. Pensadores separados por séculos, mas ligados por característica do teatro de natureza popular da Antiguidade, recriada no teatro renascentista português do século XVI. Plauto será analisado em sua peça Os Menecmos através do texto e das representações no teatro romano, dos personagens tipo da sociedade e das situações de fundo cômico. Sá de Miranda, o verdadeiro mensageiro do renascimento em Portugal, um grande imitador do teatro romano, será estudado comparativamente através de sua peça "Os estrangeiros". O teatro romano renasceu na imitação promovida pelo teatro renascentista português do qual Sá de Miranda é o grande representante

Elasmobranch Landings for the Portuguese Commercial Fishery From 1986 to 2001

Portuguese commercial elasmobranch landings were analyzed for the period 1986–2001. An average of 5,169 (± 795 t) were landed yearly, representing 18 families, 29 genera, and 34 confirmed species. However, annual landings for the fishery generally decreased over time, with a corresponding increase in price per kilogram. The most important group, Raja spp., accounted for 33% of the landings or 26,916 t. They were followed by Centroscymnus coelolepis, Scyliorhinus spp., Centrophorus granulosus, and Centrophorus squamosus (accounting for 12%, 12%, 11%, and 9% of the landings, respectively). In the absence of CPUE data, the comparative trends of landings and price were employed as an indicator of the “status” of specific elasmobranch species. Raja spp., Centrophorus granulosus, Mustelus spp., Torpedo spp., and Squatinidae displayed indications of possible overexploitation, and they merit the focus of future research.

O risco do século XVI: a corte manoelina e o teatro de Gil Vicente

Trabalho de pesquisa que pretende retirar o teatro de Gil Vicente de um possível período mais obscurantista, tardo-gótico, para colocá-lo em meio às grandes transformações ocorridas na Europa durante o século XVI, mais propriamente o Renascimento artístico e cultural. A partir de uma crítica textual de autores contemporâneos como Nicolau de Cusa e Martinho Lutero, ou da literatura da Grécia clássica como Platão e Ésquilo, aproximamos o teatro vicentino das fontes clássicas da literatura, ao mesmo tempo em que, por uma crítica de determinadas correntes hegemônicas na análise da literatura como as que vêm do existencialismo e da psicanálise, afastamos seu teatro dessa crítica que antes obscurece do que propriamente o coloca à plena luz. Posto na luz correta, vemos um Gil Vicente em meio aos grandes movimentos de transformação da civilização mediterrânica do século XVI.

Drama und theater in der fremd- und zweitsprachenlehre: Blick zurück nach vorn

Zwischen dem Bereich Drama/Theater und dem Bereich Fremdsprachenvermittlung gibt es seit jeher Verbindungslinien. Zumindest war der Lehrer immer schon ein Akteur, der den Schülern etwas so ‘vorzuspielen’ versuchte, dass die Aufmerksamkeit des Lernerpublikums gebannt blieb; und eigentlich haben Lehrer und Schüler im fremdsprachlichen Unterricht immer schon ‘Theater’ gespielt, indem sie so taten, als ob die Unterhaltung in der fremden Sprache für sie natürlich sei. Der folgende Beitrag zeichnet wichtige Entwicklungsetappen des Brückenbaus zwischen den Bereichen Drama/Theater und Fremd-/Zweitsprachenlehre seit Mitte des 19. Jahrhunderts nach. Es wird davon ausgegangen, dass ‘Drama und Theater in der Fremd-/Zweitsprachenlehre’ sich nunmehr als eines der vielen Anwendungsfelder etabliert hat, die mit dem Fach- und Sammelbegriff ‘Applied Theatre’ erfasst werden. Der Begriff bezieht sich auf das breite Spektrum von Individuen, Gruppen und Institutionen, für die das Theater als Kunstform nicht reiner Selbstzweck ist, sondern zentraler Bezugspunkt und Inspirationsquelle für drama-/theaterbezogene Aktivitäten. Durch solche Aktivitäten sollen im jeweiligen Anwendungsfeld ganz bestimmte Ziele erreicht werden, im Falle des fremd- und zweitsprachlichen Unterrichts z.B. sprach-, literatur- und kulturbezogene Ziele. Dieser Beitrag versteht sich als kompakte Bündelung und insbesondere Aktualisierung von Überlegungen, die erstmalig in meinem Buch Fremdsprache inszenieren (1993) erschienen sind. Zur Ergänzung dieses kompakten Überblicks sei auf die umfangreiche Forschungsbibliographie auf der Homepage dieser Zeitschrift verwiesen. Zum Konzept ‘Applied Theatre’ vgl. z.B. Ackroyd 2000; Taylor 2003; Nicholson 2005

MUSICAL THEATER AND THE CLASSICAL VOICE: CROSSOVER SINGING IN THE TWENTIETH CENTURY

This dissertation explores the transformation of opera comique (as represented by the opera Carmen) and the impact of verismo style (as represented by the opera La Boheme) upon the development of operetta, American musical theater and the resultant change in vocal style. Late nineteenth-century operetta called for a classically trained soprano voice with a clear vibrato. High tessitura and legato were expected although the quality of the voice was usually lighter in timbre. The dissertation comprises four programs that explore the transformation of vocal and compositional style into the current vocal performance practice of American musical theater. The first two programs are operatic roles and the last two are recital presentations of nineteenth- and twentieth- century operetta and musical theater repertoire. Program one, Carmen, was presented on July 26, 2007 at the Marshall Performing Arts Center in Duluth, MN where I sang the role of Micaela. Program two, La Boheme, was presented on May 24,2008 at Randolph Road Theater in Silver Spring, MD where I sang the role of Musetta. Program three, presented on December 2, 2008 and program four, presented on May 10, 2009 were two recitals featuring operetta and musical theater repertoire. These programs were heard in the Gildenhorn Recital Hall at the Clarice Smith Performing Arts Center in College Park, MD. Programs one and two are documented in a digital video format available on digital video disc. Programs three and four are documented in a digital audio format available on compact disc. All programs are accompanied by program notes also available in digital format.

Diel vertical migration of decapod larvae in the Portuguese coastal upwelling ecosystem: implications for offshore transport

The vertical distribution of decapod larvae off the northwest Portuguese coast was analysed in relation to associated environmental conditions from sampling during a 69 h period around a current meter mooring located on the shelf, approximately 21 km off the coast. Plankton samples were collected every 2 h at the surface with a neuston net and through the water column with a Longhurst Hardy Plankton Recorder (Pro-LHPR), allowing a very detailed resolution of larval vertical distribution. Environmental data (temperature, salinity, and chlorophyll a) were obtained every hour. To investigate the horizontal distribution of decapod larvae in relation to the coast, a plankton-sampling grid was carried out before the 69 h fixed station. Larvae of shelf decapod species were widely distributed over the shelf, while those of inshore species were found much closer to the coast. Decapod larvae (zoeae and megalopae) showed clear diel vertical migrations, only appearing in the upper 20 m at night, a migration that did not appear to be affected by physical conditions in the water column. Larval densities were highly variable, 0.01 to 215 ind. m super(-3) for zoeae and 0 to 93 ind. m super(-3) for megalopae, the zoeae being generally more abundant. The results indicated that during the day larvae accumulate very close to the bottom. The diel vertical migration behaviour is discussed as one of the contributing mechanisms for larval retention over the shelf, even with offshore transport conditions promoted by coastal upwelling, and is hence of major relevance for the recruitment success of decapod species that inhabit inshore and shelf zones of coastal upwelling systems.