Conditioning information in mutual fund performance evaluation: Portuguese evidence

We estimate and compare the performance of Portuguese-based mutual funds that invest in the domestic market and in the European market using unconditional and conditional models of performance evaluation. Besides applying both partial and full conditional models, we use European information variables, instead of the most common local ones, and consider stochastically detrended conditional variables in order to avoid spurious regressions. The results suggest that mutual fund managers are not able to outperform the market, presenting negative or neutral performance. The incorporation of conditioning information in performance evaluation models is supported by our findings, as it improves the explanatory power of the models and there is evidence of both time-varying betas and alphas related to the public information variables. It is also shown that the number of lags to be used in the stochastic detrending procedure is a critical choice, as it will impact the significance of the conditioning information. In addition, we observe a distance effect, since managers who invest locally seem to outperform those who invest in the European market. However, after controlling for public information, this effect is slightly reduced. Furthermore, the results suggest that survivorship bias has a small impact on performance estimates.

Higher-order lazy functional slicing

Program slicing is a well known family of techniques intended to identify and isolate code fragments which depend on, or are depended upon, specific program entities. This is particularly useful in the areas of reverse engineering, program understanding, testing and software maintenance. Most slicing methods, and corresponding tools, target either the imperative or the object oriented paradigms, where program slices are computed with respect to a variable or a program statement. Taking a complementary point of view, this paper focuses on the slicing of higher-order functional programs under a lazy evaluation strategy. A prototype of a Haskell slicer, built as proof-of-concept for these ideas, is also introduced

Comparison of different methods for the determination of total organic carbon and humic substances in Brazilian soils

ABSTRACTAiming to compare three different methods for the determination of organic carbon (OC) in the soil and fractions of humic substances, seventeen Brazilian soil samples of different classes and textures were evaluated. Amounts of OC in the soil samples and the humic fractions were measured by the dichromate-oxidation method, with and without external heating in a digestion block at 130 °C for 30 min; by the loss-on-ignition method at 450 °C during 5 h and at 600 °C during 6 h; and by the dry combustion method. Dry combustion was used as reference in order to measure the efficiency of the other methods. Soil OC measured by the dichromate-oxidation method with external heating had the highest efficiency and the best results comparing to the reference method. When external heating was not used, the mean recovery efficiency dropped to 71%. The amount of OC was overestimated by the loss-on-ignition methods. Regression equations obtained between total OC contents of the reference method and those of the other methods showed relatively good adjustment, but all intercepts were different from zero (p < 0.01), which suggests that more accuracy can be obtained using not one single correction factor, but considering also the intercept. The Walkley-Black method underestimated the OC contents of the humic fractions, which was associated with the partial oxidation of the humin fraction. Better results were obtained when external heating was used. For the organic matter fractions, the OC in the humic and fulvic acid fractions can be determined without external heating if the reference method is not available, but the humin fraction requires the external heating.

Increasing availability through maintainability growth using partial Multi Criteria Decision Making (pMCDM)

In the last decades considerations about equipments' availability became an important issue, as well as its dependence on components characteristics such as reliability and maintainability. This is particularly of outstanding importance if one is dealing with high risk industrial equipments, where these factors play an important and fundamental role in risk management when safety or huge economic values are in discussion. As availability is a function of reliability, maintainability, and maintenance support activities, the main goal is to improve one or more of these factors. This paper intends to show how maintainability can influence availability and present a methodology to select the most important attributes for maintainability using a partial Multi Criteria Decision Making (pMCDM). Improvements in maintainability can be analyzed assuming it as a probability related with a restore probability density function [g(t)].

Grid structure impact in sparse point representation of derivatives

In the Sparse Point Representation (SPR) method the principle is to retain the function data indicated by significant interpolatory wavelet coefficients, which are defined as interpolation errors by means of an interpolating subdivision scheme. Typically, a SPR grid is coarse in smooth regions, and refined close to irregularities. Furthermore, the computation of partial derivatives of a function from the information of its SPR content is performed in two steps. The first one is a refinement procedure to extend the SPR by the inclusion of new interpolated point values in a security zone. Then, for points in the refined grid, such derivatives are approximated by uniform finite differences, using a step size proportional to each point local scale. If required neighboring stencils are not present in the grid, the corresponding missing point values are approximated from coarser scales using the interpolating subdivision scheme. Using the cubic interpolation subdivision scheme, we demonstrate that such adaptive finite differences can be formulated in terms of a collocation scheme based on the wavelet expansion associated to the SPR. For this purpose, we prove some results concerning the local behavior of such wavelet reconstruction operators, which stand for SPR grids having appropriate structures. This statement implies that the adaptive finite difference scheme and the one using the step size of the finest level produce the same result at SPR grid points. Consequently, in addition to the refinement strategy, our analysis indicates that some care must be taken concerning the grid structure, in order to keep the truncation error under a certain accuracy limit. Illustrating results are presented for 2D Maxwell's equation numerical solutions.

Deuterium NMR Study of Orientational Order in Cellulosic Network Microfibers

Deuterium NMR was used to investigate the orientational order in a composite cellulosic formed by liquid crystalline acetoxypropylcellulose (A PC) and demented nematic 4'-penty1-4-cyanobiphenyl (5CB-4 alpha d(2)) with the per centage of 85% A PC by weight Three forms of the composite including electro spun microfibers, thin film and bulk samples were analyzed The NMR results initially suggest two distinct scenarios, one whet e the 503-alpha d(2), is confined to small droplets with dimensions smaller than the magnetic coherence length and the other where the 503-alpha d(2) molecules arc aligned with the A PC network chains Polarized optical microscopy (POW from thin film samples along with all the NMR results show the presence of 5CB-alpha d(2) droplets in the composite systems with a nematic wetting layer at the APC-5CB-alpha d(2) interface that experiences and order disorder transition driven by the polymer network N-I transition The characterization of the APC network I-N transition shows a pronounced subcritical behavior within a heterogeneity scenario.

Solutions of second-order and fourth-order ODEs on the half-line

We start by studying the existence of positive solutions for the differential equation u '' = a(x)u - g(u), with u ''(0) = u(+infinity) = 0, where a is a positive function, and g is a power or a bounded function. In other words, we are concerned with even positive homoclinics of the differential equation. The main motivation is to check that some well-known results concerning the existence of homoclinics for the autonomous case (where a is constant) are also true for the non-autonomous equation. This also motivates us to study the analogous fourth-order boundary value problem {u((4)) - cu '' + a(x)u = vertical bar u vertical bar(p-1)u u'(0) = u'''(0) = 0, u(+infinity) = u'(+infinity) = 0 for which we also find nontrivial (and, in some instances, positive) solutions.

A Pitch Control Malfunction Analysis for Wind Turbines with Permanent Magnet Synchronous Generator and Full-power Converters: Proportional Integral Versus Fractional-order Controllers

A transient analysis for two full-power converter wind turbines equipped with a permanent magnet synchronous generator is studied in this article, taking into consideration, as a new contribution to earlier studies, a pitch control malfunction. The two full-power converters considered are, respectively, a two-level and a multi-level converter. Moreover, a novel control strategy based on fractional-order controllers for wind turbines is studied. Simulation results are presented; conclusions are in favor of the novel control strategy, improving the quality of the energy injected into the electric grid.

Estudo de dislipidemias familiares monogénicas raras

A dislipidemia é um distúrbio do perfil lipídico, seja por elevação ou diminuição de partículas lipídicas. O objetivo deste trabalho é fazer uma revisão dos casos com dislipidemia rara em estudo no Instituto Nacional de Saúde Doutor Ricardo Jorge, apresentando os dados clínicos e moleculares mais relevantes. O perfil lipídico foi determinado para cada caso índex e familiares e o estudo molecular dos genes envolvidos foi realizado por amplificação por PCR e sequenciação de Sanger. Foram estudados, ou está em curso o estudo, de 14 casos índex com os seguintes diagnósticos clínicos: Deficiência familiar em lipoproteína lípase (3), Lipodistrofia familiar parcial de Dunningan Tipo 2 (1), Deficiência em lípase ácida lisossomal (3), Abeta/hipobetalipoproteinemia (2), Deficiência em HDL (1), Hipertrigliceridemia autossómica recessiva (3), Sitosterolemia (1). O fenótipo clínico de cada caso índex é variável dependendo de cada condição. Foi encontrada a causa genética da doença em 8/14 doentes, estando os restantes ainda em estudo. Doentes com as várias dislipidemias raras apresentadas têm um risco acrescido de ter outras doenças graves como pancreatite, doença cardiovascular ou complicações neurológicas e devem, por esta razão, ser identificados o mais precocemente possível, de forma a minimizar ou prevenir os efeitos nefastos destas condições.

Fractional-order control and simulation of wind energy systems with PMSG/full-power converter topology

This paper presents a new integrated model for the simulation of wind energy systems. The proposed model is more realistic and accurate, considering a variable-speed wind turbine, two-mass rotor, permanent magnet synchronous generator (PMSG), different power converter topologies, and filters. Additionally, a new control strategy is proposed for the variable-speed operation of wind turbines with PMSG/full-power converter topology, based on fractional-order controllers. Comprehensive simulation studies are carried out with matrix and multilevel power converter topologies, in order to adequately assert the system performance in what regards the quality of the energy injected into the electric grid. Finally, conclusions are duly drawn.

Ferromagnetic order in aged Co-doped TiO2 anatase nanopowders

Oxide based diluted magnetic semiconductor (DMS) materials have been a subject of increasing interest due to reports of room temperature ferromagnetism in several systems and their potential use in the development of spintronic devices. However, concerns on the stability of the magnetic properties of different DMS systems have been raised. Their magnetic moment is often unstable, vanishing with a characteristic decay time of weeks or months, which precludes the development of real applications. This paper reports on the ferromagnetic properties of two-year-aged Ti1-xCoxO2-δ reduced anatase nanopowders with different Co contents (0.03≤x≤0.10). Aged samples retain rather high values of magnetization, remanence and coercivity which provide strong evidence for a quite preserved long-range ferromagnetic order. In what concern Co segregation, some degree of metastability of the diluted Co doped anatase structure could be inferred in the case of the sample with the higher Co content.

Morphological and structural characterization of CrO2/Cr2O3 films grown by laser-CVD

This work reports on the synthesis of chromium (III, IV) oxides films by KrF laser-assisted CVD. Films were deposited onto sapphire substrates at room temperature by the photodissociation of Cr(CO)(6) in dynamic atmospheres containing oxygen and argon. A study of the processing parameters has shown that partial pressure ratio Of O-2 to Cr(CO)(6) and laser fluence are the prominent parameters that have to be accurately controlled in order to co-deposit both the crystalline oxide phases. Films consistent with such a two-phase system were synthesised for a laser fluence of 75 mJ cm(-2) and a partial pressure ratio of about 1. (c) 2005 Elsevier B.V. All rights reserved.

On the monoids of transformations that preserve the order and a uniform partition

In this article we consider the monoid O(mxn) of all order-preserving full transformations on a chain with mn elements that preserve a uniformm-partition and its submonoids O(mxn)(+) and O(mxn)(-) of all extensive transformations and of all co-extensive transformations, respectively. We determine their ranks and construct a bilateral semidirect product decomposition of O(mxn) in terms of O(mxn)(-) and O(mxn)(+).

Positive solutions of fourth order problems with clamped beam boundary conditions

n this paper we make an exhaustive study of the fourth order linear operator u((4)) + M u coupled with the clamped beam conditions u(0) = u(1) = u'(0) = u'(1) = 0. We obtain the exact values on the real parameter M for which this operator satisfies an anti-maximum principle. Such a property is equivalent to the fact that the related Green's function is nonnegative in [0, 1] x [0, 1]. When M < 0 we obtain the best estimate by means of the spectral theory and for M > 0 we attain the optimal value by studying the oscillation properties of the solutions of the homogeneous equation u((4)) + M u = 0. By using the method of lower and upper solutions we deduce the existence of solutions for nonlinear problems coupled with this boundary conditions. (C) 2011 Elsevier Ltd. All rights reserved.