A study of behavioral finance: background, theories and application

Behavioral finance, or behavioral economics, consists of a theoretical field of research stating that consequent psychological and behavioral variables are involved in financial activities such as corporate finance and investment decisions (i.e. asset allocation, portfolio management and so on). This field has known an increasing interest from scholar and financial professionals since episodes of multiple speculative bubbles and financial crises. Indeed, practical incoherencies between economic events and traditional neoclassical financial theories had pushed more and more researchers to look for new and broader models and theories. The purpose of this work is to present the field of research, still ill-known by a vast majority. This work is thus a survey that introduces its origins and its main theories, while contrasting them with traditional finance theories still predominant nowadays. The main question guiding this work would be to see if this area of inquiry is able to provide better explanations for real life market phenomenon. For that purpose, the study will present some market anomalies unsolved by traditional theories, which have been recently addressed by behavioral finance researchers. In addition, it presents a practical application of portfolio management, comparing asset allocation under the traditional Markowitz’s approach to the Black-Litterman model, which incorporates some features of behavioral finance.

Meta-theories in research: positivism, postmodernism, and critical realism

No scholar or researcher is able to provide robust evidence that counters the scant reflection on metatheory – mostly ontology and epistemology – underlying management studies in general, and industrial marketing and purchasing research in particular. This paper is a contribution to the indispensable discussion of metatheoretical alternatives in research, and most importantly, the strengths and shortcomings thereof, and respective implications on research questions, objectives, and findings.

Paradigms in health care and its relationship to the nursing theories: an analytical test

DANTAS, Rodrigo Assis Neves; NÓBREGA, Walkíria Gomes da; MORAIS FILHO, Luiz Alves; MACÊDO, Eurides Araújo Bezerra de ; FONSECA , Patrícia de Cássia Bezerra; ENDERS, Bertha Cruz; MENEZES, Rejane Maria Paiva de; TORRES , Gilson de Vasconcelos. Paradigms in health care and its relationship to the nursing theories: an analytical test . Revista de Enfermagem UFPE on line. v.4,n.2, p.16-24.abr/jun. 2010. Disponível em < http://www.ufpe.br/revistaenfermagem/index.php/revista>.

Structural aspects of the fermion-boson mapping in two-dimensional gauge and anomalous gauge theories with massive fermions

Using a synthesis of the functional integral and operator approaches we discuss the fermion-buson mapping and the role played by the Bose field algebra in the Hilbert space of two-dimensional gauge and anomalous gauge field theories with massive fermions. In QED, with quartic self-interaction among massive fermions, the use of an auxiliary vector field introduces a redundant Bose field algebra that should not be considered as an element of the intrinsic algebraic structure defining the model. In anomalous chiral QED, with massive fermions the effect of the chiral anomaly leads to the appearance in the mass operator of a spurious Bose field combination. This phase factor carries no fermion selection rule and the expected absence of Theta-vacuum in the anomalous model is displayed from the operator solution. Even in the anomalous model with massive Fermi fields, the introduction of the Wess-Zumino field replicates the theory, changing neither its algebraic content nor its physical content. (C) 2002 Elsevier B.V. (USA).

Ghost free dual vector theories in 2+1 dimensions

We explore here the issue of duality versus spectrum equivalence in dual theories generated through the master action approach. Specifically we examine a generalized self-dual (GSD) model where a Maxwell term is added to the self-dual model. A gauge embedding procedure applied to the GSD model leads to a Maxwell-Chern-Simons (MCS) theory with higher derivatives. We show here that the latter contains a ghost mode contrary to the original GSD model. By figuring out the origin of the ghost we are able to suggest a new master action which interpolates between the local GSD model and a nonlocal MCS model. Those models share the same spectrum and are ghost free. Furthermore, there is a dual map between both theories at classical level which survives quantum correlation functions up to contact terms. The remarks made here may be relevant for other applications of the master action approach.

Generalized duality between local vector theories in D=2+1

The existence of an interpolating master action does not guarantee the same spectrum for the interpolated dual theories. In the specific case of a generalized self-dual (GSD) model defined as the addition of the Maxwell term to the self-dual model in D = 2 + 1, previous master actions have furnished a dual gauge theory which is either nonlocal or contains a ghost mode. Here we show that by reducing the Maxwell term to first order by means of an auxiliary field we are able to define a master action which interpolates between the GSD model and a couple of non-interacting Maxwell-Chern-Simons theories of opposite helicities. The presence of an auxiliary field explains the doubling of fields in the dual gauge theory. A generalized duality transformation is defined and both models can be interpreted as self-dual models. Furthermore, it is shown how to obtain the gauge invariant correlators of the non-interacting MCS theories from the correlators of the self-dual field in the GSD model and vice-versa. The derivation of the non-interacting MCS theories from the GSD model, as presented here, works in the opposite direction of the soldering approach.

Unitarity of spin-2 theories with linearized Weyl symmetry in D=2+1 dimensions

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

SU(2,R)(q) symmetries of Non-Abelian Toda theories

The classical and quantum algebras of a class of conformal NA-Toda models are studied. It is shown that the SL(2,R)(q) Poisson brackets algebra generated by certain chiral and antichiral charges of the nonlocal currents and the global U(1) charge appears as an algebra of the symmetries of these models. (C) 1998 Elsevier B.V. B.V. All rights reserved.

Equivalence of many-photon Green's functions in the Duffin-Kemmer-Petiau and Klein-Gordon-Fock statistical quantum field theories

Using the functional integral formalism for the statistical generating functional in the statistical (finite temperature) quantum field theory, we prove the equivalence of many-photon Greens functions in the Duffin-Kennner-Petiau and Klein-Gordon-Fock statistical quantum field theories. As an illustration, we calculate the one-loop polarization operators in both theories and demonstrate their coincidence.

On the worldsheet derivation of large N dualities for the superstring

Large N topological string dualities have led to a class of proposed open/ closed dualities for superstrings. In the topological string context, the worldsheet derivation of these dualities has already been given. In this paper we take the first step in deriving the full ten-dimensional superstring dualities by showing how the dualities arise on the superstring worldsheet at the level of F terms. As part of this derivation, we show for F-term computations that the hybrid formalism for the superstring is equivalent to a (c) over cap = 5 topological string in ten-dimensional spacetime. Using the (c) over cap = 5 description, we then show that the D brane boundary state for the ten-dimensional open superstring naturally emerges on the worldsheet of the closed superstring dual.

Propagator, tree-level unitarity and effective nonrelativistic potential for higher-derivative gravity theories in D dimensions

A prescription for computing the propagator for D-dimensional higher-derivative gravity theories, based on the Barnes-Rivers operators, is presented. A systematic study of the tree-level unitarity of these theories is developed and the agreement of their linearized versions with Newton's law is investigated by computing the corresponding effective nonrelativistic potential. Three-dimensional quadratic gravity with a gravitational Chern-Simons term is also analyzed. A discussion on the issue of light bending within the framework of both D-dimensional quadratic gravity and three-dimensional quadratic gravity with a Chern-Simons term is provided as well. (C) 2002 American Institute of Physics.

Ten-dimensional supergravity constraints from the pure spinor formalism for the superstring

It has recently been shown that the ten-dimensional superstring can be quantized using the BRST operator Q = philambda(alpha)d(alpha), where lambda(alpha) is a pure spinor satisfying; lambdagamma(m)lambda = 0 and dalpha is the fermionic supersymmetric derivative. In this paper, the pure spinor version of superstring theory is formulated in a curved supergravity background and it is shown that nilpotency and holomorphicity of the pure spinor BRST operator imply the on-shell superspace constraints of the supergravity background. This is shown to lowest order in alpha' for the heterotic and Type II superstrings, thus providing a compact pure spinor version of the ten-dimensional superspace constraints for N = 1 Type IIA and Type IIB supergravities. Since quantization is straightforward using the pure spinor version of the superstring, it is expected that these methods can also be used to compute higher-order alpha' corrections to the ten-dimensional superspace constraints. (C) 2002 Elsevier B.V. B.V. All rights reserved.

Massive superstring vertex operator in D=10 superspace

Using the pure spinor formalism for the superstring, the vertex operator for the first massive states of the open superstring is constructed in a manifestly super-Poincare covariant manner. This vertex operator describes a massive spin-two multiplet in terms of ten-dimensional superfields.

Boson-boson effective nonrelativistic potential for higher-derivative electromagnetic theories in D dimensions

The problem of computing the effective nonrelativistic potential U-D for the interaction of charged-scalar bosons, within the context of D-dimensional electromagnetism with a cutoff, is reduced to quadratures. It is shown that U-3 cannot bind a pair of identical charged-scalar bosons; nevertheless, numerical calculations indicate that boson-boson bound states do exist in the framework of three-dimensional higher-derivative electromagnetism augmented by a topological Chern-Simons term.