Understanding portfolio efficiency with conditioning information

We show that unconditionally efficient returns do not achieve the maximum unconditionalSharpe ratio, neither display zero unconditional Jensen s alphas, when returns arepredictable. Next, we define a new type of efficient returns that is characterized by thoseunconditional properties. We also study a different type of efficient returns that is rationalizedby standard mean-variance preferences and motivates new Sharpe ratios and Jensen salphas. We revisit the testable implications of asset pricing models from the perspective ofthe three sets of efficient returns. We also revisit the empirical evidence on the conditionalvariants of the CAPM and the Fama-French model from a portfolio perspective.

Mise en Place d’un Dispositif de Formation a Distance a l’universite du Cap-Vert« e-learning » :Les Technologies de L’information et de la Communication dans L’enseignement du Français Langue Etrangere

Ce mémoire est l’occasion de partager le résultat de la mise en place de ce dispositif de formation à distance que nous avons mené dans l’université du Cap-Vert. Dans la première partie, nous décrirons la nature de la politique éducative au Cap-Vert. Nous contextualiserons les principes de l’installation de l’université publique dans ce pays, ainsi que les intentions d’innovation pédagogique de cette université. La deuxième partie portera un regard complémentaire sur l’utilisation des TIC et de l’internet dans l’enseignement/apprentissage d’une langue, cas du français langue étrangère, et nous nous inspirerons des théories constructiviste et socio-constructiviste. Finalement, la troisième partie détaillera toutes les étapes de la conception et de la mise en place du dispositif de formation à distance. Dans cette troisième partie, nous aborderons dans un premier temps la question des enjeux et des risques du e-Learning et nous présenterons notre mission dans le projet « e-Learning.cv » mené par l’université. Puis, dans un deuxième temps nous analyserons quelques cours que nous avons mis en ligne, en sachant qu’un cours en ligne n’est pas la simple reproduction d’un support pédagogique imprimé mais il offre à l’apprenant un environnement multimédia et interactif. Finalement dans un troisième temps nous essayerons de prendre un peu de recul pour faire une analyse critique de ce que nous avons réalisé et essayer par là même de dégager les perspectives pour améliorer le travail effectué.

Color preference of Anastrepha obliqua (Diptera, Tephritidae)

The color preference of A. obliqua was evaluated in two-choice tests. The results showed that both sexes were attracted to wavelengths ranging from 340 nm to 670 nm, although the broad major peak of attraction occurred between 380 and 570 nm.

Pattern of attack of a galling insect reveals an unexpected preference-performance linkage on medium-sized resources

Pattern of attack of a galling insect reveals an unexpected preference-performance linkage on medium-sized resources. The Plant Vigor Hypothesis (PVH) predicts oviposition preference and higher offspring performance on longer and fast-growing shoots, and although several studies have tested its predictions, long-term studies concerning the patterns of host selection by galling species are still lacking. The PVH was tested in this study using Bauhinia brevipes (Fabaceae) as the host of a leaf gall midge, Asphondylia microcapillata (Diptera, Cecidomyiidae) during three consecutive years. Shoots were collected from the same 80 plants between 2001 and 2003 and shoot length, number of healthy and galled leaves, gall number, and mortality factors were recorded. Nearly 600 galls were found on the 5,800 shoots collected. Medium-sized shoots supported from 46 to 70% of all galls, with greater gall survival rate in 2002 and 2003. A decrease in parasitism rate coupled with an increase in gall predation lead to a constant similar gall survivorship rate in all years (x = 22.7%). Although gall abundance varied among years (122 in 2001, 114 in 2002 and 359 in 2003) preference for longer shoots was not observed because the percentage of galled shoots and galled leaves were higher on medium shoot length classes in all years. The observed distribution of gall abundance and galled shoots were always greater than the expected distribution on medium shoot length classes. These findings do not support the PVH, and show that A. microcapillata can maximize the female preference and larval performance on medium-sized shoots of B. brevipes.

When Preference Is Not Satisfied but the Individual Is: How Power Distance Affects Person-Job Fit

One aspect of person-job fit reflects congruence between personal preferences and job design; as congruence increases so should satisfaction. We hypothesized that power distance would moderate whether fit is related to satisfaction with degree of job formalization. We obtained measures of job-formalization, fit and satisfaction, as well as organizational commitment from employees (n = 772) in a multinational firm with subsidiaries in six countries. Confirming previous findings, individuals from low power-distance cultures were most satisfied with increasing fit. However, the extent to which individuals from high power-distance cultures were satisfied did not necessarily depend on increasing fit, but mostly on whether the degree of formalization received was congruent to cultural norms. Irrespective of culture, satisfaction with formalization predicted a broad measure of organizational commitment. Apart from our novel extension of fit theory, we show how moderation can be tested in the context of polynomial response surface regression and how specific hypotheses can be tested regarding different points on the response surface.

Revealed preference and indifferent selection

It is shown that preferences can be constructed from observed choice behavior in a way that is robust to indifferent selection (i.e., the agent is indifferent between two alternatives but, nevertheless, is only observed selecting one of them). More precisely, a suggestion by Savage (1954) to reveal indifferent selection by considering small monetary perturbations of alternatives is formalized and generalized to a purely topological framework: references over an arbitrary topological space can be uniquely derived from observed behavior under the assumptions that they are continuous and nonsatiated and that a strictly preferred alternative is always chosen, and indifferent selection is then characterized by discontinuity in choice behavior. Two particular cases are then analyzed: monotonic preferences over a partially ordered set, and preferences representable by a continuous pseudo-utility function.

Host preference of the egg parasitoids Telenomus remus and Trichogramma pretiosum in laboratory

Host preference of the egg parasitoids Telenomus remus and Trichogramma pretiosum in laboratory. This research aimed to evaluate the host preference of the egg parasitoids Telenomus remus and Trichogramma pretiosum. Trials were carried out in laboratory, under controlled environmental conditions (25 ± 2ºC temperature; 70 ± 10% RH; and 14 h photophase). The parasitoid searching behavior was evaluated based on the distribution (%) of eggs parasitized by each parasitoid, on egg masses of each host species. Results showed the host preference of T. remus by Spodoptera cosmioides eggs. T. pretiosum, reared in A. gemmatalis eggs, choose to parasitize always eggs of the host where the parasitoid had been reared. The egg preference was not observed when T. pretiosum was reared in S. frugiperda eggs. These results show that, in general, host preference of T. remus is less influenced by the host where it is developed than T. pretiosum. Host preference is an important parameter for biological control programs because more than one pest species may occur in the field, different from those where they were reared in the laboratory.

La place de la supervision en thérapie comportementale et cognitive en Europe

La formation en psychothérapie comportementale et cognitive en Europe suit des exigences variées selon les pays, malgré les standards communs de formation dans ce domaine émis par l'EABCT. En général les pays qui ont une réglementation légale de la psychothérapie ont des critères de reconnaissance plus sévères que ceux de l'EABCT, alors que les autres tendent à s'aligner sur les règles de l'Association. Dans les programmes de formation, le rôle de la supervision varie également d'un pays à l'autre. Ces variations touchent aussi bien la quantité de supervisions demandées, ses modalités d'application, que les critères de reconnaissance des superviseurs. L'EABCT a récemment publié des recommandations pour la reconnaissance des superviseurs, pour garantir que les superviseurs soient spécifiquement formés à cette activité. Ces critères sont plus sévères que ceux de la plupart des associations de TCC ou des règlementations nationales du titre de psychothérapeute, ce qui peut poser des problèmes d'implémentation, même dans les pays qui disposent d'une législation en matière de psychothérapie. Nous assistons à une tendance allant vers une professionnalisation plus grande de l'activité de supervision. Cette professionnalisation, pour autant qu'elle soit scientifiquement fondée, mérite sans doute d'être défendue. Il s'agira cependant d'être attentif au fait qu'un excès de règlements ne bloque pas les possibilités de formation et par conséquence la diffusion des TCC, notamment dans les régions où elles sont encore peu implantées.

Duality in mean-variance frontiers with conditioning information

Portfolio and stochastic discount factor (SDF) frontiers are usually regarded as dual objects, and researchers sometimes use one to answer questions about the other. However, the introduction of conditioning information and active portfolio strategies alters this relationship. For instance, the unconditional portfolio frontier in Hansen and Richard (1987) is not dual to the unconditional SDF frontier in Gallant, Hansen and Tauchen (1990). We characterise the dual objects to those frontiers, and relate them to the frontiers generated with managed portfolios, which are commonly used in empirical work. We also study the implications of a safe asset and other special cases.