Primary reading box : reading activities and puzzles for younger learners.

Este recurso contiene cincuenta y cinco actividades fotocopiables diseñadas especialmente para la lectura en clase de primaria. Está dividido en cinco secciones:una sección de prelectura, tres secciones con actividades más complejas agrupadas según los niveles y edades de los alumnos, y una sección de rompecabezas de palabras y crucigramas con una duración que va desde veinte minutos hasta ocupar la mayor parte de la lección. Tiene además, una selección de diferentes tipos de textos; realidad, ficción, revistas, cómic, historias breves, chistes, poemas, recetas sencillas y definiciones de palabras para los crucigramas, da a los alumnos la oportunidad de trabajar en parejas, pequeños grupos y con toda la clase para desarrollar la confianza en la lectura. Muchas de las actividades son apropiadas para la preparación de los alumnos para las pruebas de inglés del Cambridge Young Learners (Cambridge ESOL).

Playing with numbers : puzzles for the daily maths lesson.

Ofrece actividades fotocopiables, juegos y rompecabezas para los alumnos de la etapa clave 2 (key stage 2) del currículo nacional de Inglaterra y Gales, es decir para el nivel de primaria. Están diseñadas para desarrollar en los niños la comprensión y la facilidad con los números y, así, proporcionarles una buena base para el desarrollo de sus habilidades matemáticas. Las actividades se clasifican en tres secciones para los grupos de edad de 7 a 9, de 8 a 10 y de 9 a 11.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

In this paper we revisit the relationship between the equity and the forward premium puzzles. We construct return-based stochastic discount factors under very mild assumptions and check whether they price correctly the equity and the foreign currency risk premia. We avoid log-linearizations by using moments restrictions associated with euler equations to test the capacity of our return-based stochastic discount factors to price returns on the relevant assets. Our main finding is that a pricing kernel constructed only using information on American domestic assets accounts for both domestic and international stylized facts that escape consumption based models. In particular, we fail to reject the null hypothesis that the foreign currency risk premium has zero price when the instrument is the own current value of the forward premium.

Essays on the relationship between the equity and the forward premium puzzles

Our research agenda consists in showing this strong relation between these puzzles based on evidences that both empirical failures are related to the incapacity of the canonical CCAPM to provide a high volatile intertemporal marginal rate of substitution with reasonable values for the preferences parameters.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)'s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)’s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by comparing this out-of-sample results with the one obtained performing an in-sample exercise, where the return-based SDF captures sources of risk of a representative set of developed and emerging economies government bonds. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

A note on the forward and the equity-premium puzzles: two symptoms of the same illness?

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

The forward and the equity premium puzzles: two symptoms of the same illness?

The Forward Premium Puzzle (FPP) is how the empirical observation of a negative relation between future changes in the spot rates and the forward premium is known. Modeling this forward bias as a risk premium and under weak assumptions on the behavior of the pricing kernel, we characterize the potential bias that is present in the regressions where the FPP is observed and we identify the necessary and sufficient conditions that the pricing kernel has to satisfy to account for the predictability of exchange rate movements. Next, we estimate the pricing kernel applying two methods: i) one, du.e to Araújo et aI. (2005), that exploits the fact that the pricing kernel is a serial correlation common feature of asset prices, and ii) a traditional principal component analysis used as a procedure 1;0 generate a statistical factor modeI. Then, using on the sample and out of the sample exercises, we are able to show that the same kernel that explains the Equity Premi um Puzzle (EPP) accounts for the FPP in all our data sets. This suggests that the quest for an economic mo deI that generates a pricing kernel which solves the EPP may double its prize by simultaneously accounting for the FPP.

Shell beds as paleoecological puzzles: A case study from the Upper Permian of the Parana Basin, Brazil

Microstratigraphic, sedimentological, and taphonomic features of the Ferraz Shell Bed, from the Upper Permian (Kazanian-Tatarian?) Corumbatai Formation of Rio Claro Region (the Parana Basin, Brazil), indicate that the bed consists of four distinct microstratigraphic units. They include, from bottom to top, a lag concentration (Unit 1), a partly reworked storm deposit (Unit 2), a rapidly deposited sandstone unit with three thin horizons recording episodes of reworking (Unit 3), and a shell-rich horizon generated by reworking/winnowing that was subsequently buried by storm-induced obrution deposit (Unit 4). The bioclasts of the Ferraz Shell Bed represent exclusively bivalve mollusks. Pinzonella illusa and Terraia aequilateralis are the dominant species. Taphonomic analysis indicates that mollusks are heavily time-averaged (except for some parts of Unit 3). Moreover, different species are time-averaged to a different degree (disharmonious time-averaging). The units differ statistically from one another in their taxonomic and ecological composition, in their taphonomic pattern, and in the size-frequency distributions of the two most common species. Other Permian shell beds of the Parana Basin are similar to the Ferraz Shell Bed in their faunal composition (they typically contain similar sets of 5 to 10 bivalve species) and in their taphonomic, sedimentologic, and microstratigraphic characteristics. However, rare shell beds that include 2-3 species only and are dominated by articulated shells preserved in life position also occur. Diversity levels in the Permian benthic associations of the Parana Basin were very low, with the point diversity of 2-3 species and with the within-habitat and basin-wide (alpha and gamma) diversities of 10 species, at most. The Parana Basin benthic communities may have thus been analogous to low-diversity bivalve-dominated associations of the present-day Baltic Sea. The 'Ferraz-type' shell beds of the Parana Basin represent genetically complex and highly heterogeneous sources of paleontological data. They are cumulative records of spectra of benthic ecosystems time-averaged over long periods of time (10(2)-10(4) years judging from actualistic research). Detailed biostratinomic reconstructions of shell beds can not only offer useful insights into their depositional histories, but may also allow paleoecologists to optimize their sampling designs, and consequently, refine paleoecological and paleoenvironmental interpretations.

From inflation to dark energy through a dynamical Λ: an attempt at alleviating fundamental cosmic puzzles

After decades of successful hot big-bang paradigm, cosmology still lacks a framework in which the early inflationary phase of the universe smoothly matches the radiation epoch and evolves to the present “quasi” de Sitter spacetime. No less intriguing is that the current value of the effective vacuum energy density is vastly smaller than the value that triggered inflation. In this paper, we propose a new class of cosmologies capable of overcoming, or highly alleviating, some of these acute cosmic puzzles. Powered by a decaying vacuum energy density, the spacetime emerges from a pure nonsingular de Sitter vacuum stage, “gracefully” exits from inflation to a radiation phase followed by dark matter and vacuum regimes, and, finally, evolves to a late-time de Sitter phase.

Solutions to the Chronological Puzzles in Book 1 of the Chronicle of Matthew of Edessa

The chronological inconsistency in the first book of Matthew of Edessa's Chronicle is well-known. Some of his are dates accurate to the day, while others err by up to 50 years, with no immediately apparent pattern of error. In this talk I will examine some of these chronological puzzles, by untangling the five main themes that run through the book. By demonstrating how these chronological errors may have arisen, and why certain events in the chronicle are dated much more accurately than others, light may be shed on the sources and methodologies that Matthew used to compose his chronicle.

Number puzzles before the log fire, being those given in the Number stories of long ago.

Mode of access: Internet.