The Portuguese contemporary art as an investment

In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.

Doenças raras na Ilha de S. Miguel : caracterização epidemiológica

RESUMO:O conceito de doenças raras como entidade própria começou a ser divulgado na comunidade médica no início deste século. A perspectiva de congregar múltiplas patologias, com características diferentes, valorizando a baixa frequência com que ocorrem na população interessou a comunidade científica, famílias, indústria e serviços de saúde. Esperava-se encontrar estratégias para melhorar a qualidade dos cuidados de saúde prestados a estes doentes. Uma vez que a informação científica sobre doenças raras está dispersa por diversas fontes o primeiro grande desafio foi sistematizar de forma a obter o “estado da arte”. A investigação que decorreu entre 2001 e 2010 teve como objectivo principal a caracterização dos doentes e das doenças raras numa população com características restritas mas não fechada como é o caso da ilha de S. Miguel nos Açores. Foram identificados 467 doentes a partir de várias fontes e monitorizado o nascimento de recém-nascidos com doença rara durante 10 anos. A prevalência das doenças raras encontrada na ilha de S. Miguel foi de 0,34% e a inerente à definição de doença rara foi de 6 % a 8 % da população na União Europeia. A diferença encontrada poderá decorrer de se ter sobrestimado o verdadeiro valor da prevalência das doenças raras na União Europeia. A incidência de doenças raras determinada na amostra foi de 0,1% e a taxa de mortalidade por causa específica foi de 0,14‰. O diagnóstico foi confirmado por técnicas laboratoriais de citogenética ou genética molecular em 43% dos doentes da amostra. Não foi identificado nenhum agregado populacional com doença rara para além do já conhecido para a DMJ. A criação de uma metodologia de estudo implicou a construção de um registo de doentes. Para tal foi utilizado o conhecimento adquirido anteriormente sobre uma doença rara que serviu de paradigma: a doença de Machado-Joseph. Na sequência dos resultados obtidos foi considerado útil a introdução de variáveis como a figura do cuidador, o cônjuge, o número de filhos do casal, a data da primeira consulta de Genética, o tempo decorrido entre o início dos sintomas e o acesso à consulta de Genética e entre esta actividade e dispor do diagnóstico para melhor compreender o contexto de vida destes doentes na perspectiva de poderem vir a ser incorporadas como indicadores. ----------- ABSTRACT: The concept of rare diseases as a condition began to be disclosed in the medical community at the beginning of this century.The prospect of bringing together multiple pathologies, with different features, enhancing the low frequency with which they occur in the population interested the scientific community, families, industry and health care services. The aim was to find strategies to improve the quality of care provided to these patients. Given that the scientific information on rare diseases is spread out across several sources the first major challenge was to systematize in order to get the "state of the art". The research took place between 2001 and 2010 and had as its main objective the characterization of patients and rare diseases in a population with specific features, but not confined, like in the case of the São Miguel Island in Azores. During 10 years were identified 467 patients from multiple sources and were observed the newborns with rare diseases. Prevalence of rare diseases found in the São Miguel Island was 0,34% compared to the 6% to 8% by definition of rare disease in the population in European Union. This discrepancy may be explained by a likely frequency of overrated rare diseases in European Union. The incidence of rare diseases in the sample was 0,1% and the specific mortality rate was 0,14 ‰. This diagnosis was confirmed by cytogenetic or molecular genetics analysis in 43% of patients in the sample. No population cluster was identified with rare disease besides the already known for Machado-Joseph Disease. The methodology for the study involved the construction of a database of patients. For such purpose it was used previously acquired knowledge on a rare disease paradigm: the Machado-Joseph disease. It was useful to introduce the following variables to properly establish the results: caregiver, spouse, number of children, date of first Genetics appointment, elapsed time between onset of symptoms and access to first appointment as well as this and the final diagnosis to better understand the context of life of these patients in order to incorporate them as rates.

Desigualdades na diabetes mellitus e hipertensão arterial: um estudo ao nível de freguesia

RESUMO - Introdução: A diabetes mellitus e a hipertensão arterial são problemas de saúde de elevada prevalência em Portugal. A sua distribuição geográfica e social é pouco conhecida, comprometendo o desenho e implementação de políticas de saúde. Assim, este estudo teve como objetivo avaliar a existência das desigualdades socioeconómicas na prevalência de diabetes mellitus tipo 2 e de hipertensão arterial, na população residente na região Norte de Portugal, no ano de 2013. Métodos: Foi realizado um estudo ecológico que analisou as 2028 freguesias da região Norte. Os dados foram obtidos através do Sistema de Informação das Administrações Regionais de Saúde e do Censos 2011. A associação entre os indicadores socioeconómicos e a prevalência destas doenças foi medida através da diferença de prevalências, do risco atribuível populacional, do índice relativo de desigualdades e pelo coeficiente de regressão. Resultados: A prevalência de diabetes mellitus tipo 2 e hipertensão arterial foi de 6,16% e 19,35%, respetivamente, e apresentou uma distribuição heterogénea entre freguesias (variando entre 0%-23,7% para a diabetes e 2,8%-66,7% para a hipertensão). A prevalência de ambas as doenças estava significativamente associada com o baixo nível educacional, baixa atividade em sector terciário, desemprego e baixo rendimento (com diferença de prevalências entre decis opostos de até 1,3% na diabetes e até 5,3% na hipertensão). Os determinantes socioeconómicos foram responsáveis até 20% da prevalência destas doenças na população. Conclusão: Estes resultados demonstram a existência de uma distribuição socioeconómica e geográfica heterogéneas e a necessidade de criação de políticas de saúde que atuem nas freguesias menos favorecidas.

Carry and trend-following strategies

Recent research has shown that carry and trend strategies when combined lead to significant risk-adjusted returns that can be very attractive to investors, at a low cost with small and positive skewness. This study proposes to combine both carry and trend-following, considering a data set of ten years (09/2005-09/2015), within a portfolio composed by three major asset classes: currencies, commodities and equity indices. Following a futures-based methodology, the obtained results show that, indeed, the strategy results inevitably in higher returns and greater sharpe ratios for every asset class in study. This outcome results from the fact that trend proved to provide a significant hedge to the downside risk that carry is exposed to.

Assessment of NDVI, land surface temperature and precipitation anomalies for drought monitoring in Bayankhongor province, Mongolia

During the last decade Mongolia’s region was characterized by a rapid increase of both severity and frequency of drought events, leading to pasture reduction. Drought monitoring and assessment plays an important role in the region’s early warning systems as a way to mitigate the negative impacts in social, economic and environmental sectors. Nowadays it is possible to access information related to the hydrologic cycle through remote sensing, which provides a continuous monitoring of variables over very large areas where the weather stations are sparse. The present thesis aimed to explore the possibility of using NDVI as a potential drought indicator by studying anomaly patterns and correlations with other two climate variables, LST and precipitation. The study covered the growing season (March to September) of a fifteen year period, between 2000 and 2014, for Bayankhongor province in southwest Mongolia. The datasets used were MODIS NDVI, LST and TRMM Precipitation, which processing and analysis was supported by QGIS software and Python programming language. Monthly anomaly correlations between NDVI-LST and NDVI-Precipitation were generated as well as temporal correlations for the growing season for known drought years (2001, 2002 and 2009). The results show that the three variables follow a seasonal pattern expected for a northern hemisphere region, with occurrence of the rainy season in the summer months. The values of both NDVI and precipitation are remarkably low while LST values are high, which is explained by the region’s climate and ecosystems. The NDVI average, generally, reached higher values with high precipitation values and low LST values. The year of 2001 was the driest year of the time-series, while 2003 was the wet year with healthier vegetation. Monthly correlations registered weak results with low significance, with exception of NDVI-LST and NDVI-Precipitation correlations for June, July and August of 2002. The temporal correlations for the growing season also revealed weak results. The overall relationship between the variables anomalies showed weak correlation results with low significance, which suggests that an accurate answer for predicting drought using the relation between NDVI, LST and Precipitation cannot be given. Additional research should take place in order to achieve more conclusive results. However the NDVI anomaly images show that NDVI is a suitable drought index for Bayankhongor province.

Efecto de la proporción sexual, densidad y edad de los reproductores en la producción de semilla de Tilapia nilotica (Pisces, Cichlidae)

En el Laboratorio de Huachipa del Instituto del Mar del Perú, en el período comprendido entre octubre de 1980 y agosto de 1982, se realizaron varios experimentos a fin de determinar el efecto del tipo de estanque, densidad de carga y calidad y cantidad de fertilizante en el crecimiento y la producción de Tilapia nilotica. Estos experimentos arrojaron una diferencia no significativa entre los tratamientos, por lo cual se halló una cifra general promedio de crecimiento y producción que permitió su comparación con las cifras de producción obtenidas en otras áreas del mundo, un peso individual promedio de 203.4 g, una producción total de 2,038 Kg/ha/272 días, y una producción neta de 5.6 Kg/ha/día. Cifras que quedan dentro del rango reportado por el ICA (International Center for Aquaculture) para clima templado; similares a las obtenidas en países de Europa Central y la China, y notablemente bajas comparadas con los 20 Kg/ha/día producidos en Israel. Se identifican la mala condición de los estanques utilizados, la baja densidad de carga aplicada, la baja calidad del fertilizante y el clima de la zona, específicamente la presencia de nubosidad, como los factores de mayor incidencia en los resultados poco satisfactorios.

Crecimiento y producción de Tilapia nilotica (Pisces, Cichlidae) en el laboratorio de Huachipa

En el Laboratorio de Huachipa del Instituto del Mar del Perú, en el período comprendido entre octubre de 1980 y agosto de 1982, se realizaron varios experimentos a fin de determinar el efecto del tipo de estanque, densidad de carga y calidad y cantidad de fertilizante en el crecimien­to y la producción de Tilapia nilotica. Estos experimentos arrojaron una diferencia no significativa entre los tratamientos, por lo cual se halló una cifra general promedio de crecimiento y producción que permitió su comparación con las cifras de producción obtenidas en otras áreas del mundo, un peso individual promedio de 203.4 g, una producción total de 2,038 Kg/ha/272 días, y una producción neta de 5.6 Kg/ha/día. Cifras que quedan dentro del rango reportado por el ICA (International Center for Aquaculture) para clima templado; similares a las obtenidas en países de Europa Central y la China, y notablemente bajas comparadas con los 20 Kg/ha/día producidos en Israel. Se identifican la mala condición de los estanques utiliza dos, la baja densidad de carga aplicada, la baja calidad del fertilizante y el clima de la zona, específicamente la presencia de nubosidad, como los factores de mayor incidencia en los resultados poco satisfactorios.

The Stealthy Superbug: the Role of Asymptomatic Enteric Carriage in Maintaining a Long-Term Hospital Outbreak of ST228 Methicillin-Resistant Staphylococcus aureus.

UNLABELLED: Whole-genome sequencing (WGS) of 228 isolates was used to elucidate the origin and dynamics of a long-term outbreak of methicillin-resistant Staphylococcus aureus (MRSA) sequence type 228 (ST228) SCCmec I that involved 1,600 patients in a tertiary care hospital between 2008 and 2012. Combining of the sequence data with detailed metadata on patient admission and movement confirmed that the outbreak was due to the transmission of a single clonal variant of ST228, rather than repeated introductions of this clone into the hospital. We note that this clone is significantly more frequently recovered from groin and rectal swabs than other clones (P < 0.0001) and is also significantly more transmissible between roommates (P < 0.01). Unrecognized MRSA carriers, together with movements of patients within the hospital, also seem to have played a major role. These atypical colonization and transmission dynamics can help explain how the outbreak was maintained over the long term. This "stealthy" asymptomatic colonization of the gut, combined with heightened transmissibility (potentially reflecting a role for environmental reservoirs), means the dynamics of this outbreak share some properties with enteric pathogens such as vancomycin-resistant enterococci or Clostridium difficile. IMPORTANCE: Using whole-genome sequencing, we showed that a large and prolonged outbreak of methicillin-resistant Staphylococcus aureus was due to the clonal spread of a specific strain with genetic elements adapted to the hospital environment. Unrecognized MRSA carriers, the movement of patients within the hospital, and the low detection with clinical specimens were also factors that played a role in this occurrence. The atypical colonization of the gut means the dynamics of this outbreak may share some properties with enteric pathogens.

Breakthrough in Superconductors (1987)

Physics professors Frans Koffyberg (right), Fereidoon Razavi (middle), and Bozidar Mitrovic (left) discover a new superconductor. A superconductor is a material that conducts electricity at very low temperatures with zero electrical resistance. The Brock researchers found that a compound of the metals Barium, Lanthanum, Copper, and Oxygen become a superconductor at 30 degrees absolute, which is a record high temperature.

Reactivity characteristics of cytochrome c, cytochrome oxidase and the electrostatic cytochrome c - cytochrome oxidase complex /

The mechanism whereby cytochrome £ oxidase catalyses elec-. tron transfer from cytochrome £ to oxygen remains an unsolved problem. Polarographic and spectrophotometric activity measurements of purified, particulate and soluble forms of beef heart mitochondrial cytochrome c oxidase presented in this thesis confirm the following characteristics of the steady-state kinetics with respect to cytochrome £: (1) oxidation of ferrocytochrome c is first order under all conditions. -(2) The relationship between sustrate concentration and velocity is of the Michaelis-Menten type over a limited range of substrate. concentrations at high ionic strength. (3) ~he reaction rate is independent from oxygen concentration until very low levels of oxygen. (4) "Biphasic" kinetic plots of enzyme activity as a function of substrate concentration are found when the range of cytochrome c concentrations is extended; the biphasicity ~ is more apparent in low ionic strength buffer. These results imply two binding sites for cytochrome £ on the oxidase; one of high affinity and one of low affinity with Km values of 1.0 pM and 3.0 pM, respectively, under low ionic strength conditions. (5) Inhibition of the enzymic rate by azide is non-c~mpetitive with respect to cytochrome £ under all conditions indicating an internal electron transfer step, and not binding or dissociation of £ from the enzyme is rate limiting. The "tight" binding of cytochrome '£ to cytochrome c oxidase is confirmed in column chromatographic experiments. The complex has a cytochrome £:oxidase ratio of 1.0 and is dissociated in media of high ionic strength. Stopped-flow spectrophotometric studies of the reduction of equimolar mixtures and complexes of cytochrome c and the oxidase were initiated in an attempt to assess the functional relevance of such a complex. Two alternative routes -for reduction of the oxidase, under conditions where the predominant species is the £ - aa3 complex, are postulated; (i) electron transfer via tightly bound cytochrome £, (ii) electron transfer via a small population of free cytochrome c interacting at the "loose" binding site implied from kinetic studies. It is impossible to conclude, based on the results obtained, which path is responsible for the reduction of cytochrome a. The rate of reduction by various reductants of free cytochrome £ in high and low ionic strength and of cytochrome £ electrostatically bound to cytochrome oxidase was investigated. Ascorbate, a negatively charged reagent, reduces free cytochrome £ with a rate constant dependent on ionic strength, whereas neutral reagents TMPD and DAD were relatively unaffected by ionic strength in their reduction of cytochrome c. The zwitterion cysteine behaved similarly to uncharged reductants DAD and TI~PD in exhibiting only a marginal response to ionic strength. Ascorbate reduces bound cytochrome £ only slowly, but DAD and TMPD reduce bound cytochrome £ rapidly. Reduction of cytochrome £ by DAD and TMPD in the £ - aa3 complex was enhanced lO-fold over DAD reduction of free £ and 4-fold over TMPD reduction of free c. Thus, the importance of ionic strength on the reactivity of cytochrome £ was observed with the general conclusion being that on the cytochrome £ molecule areas for anion (ie. phosphate) binding, ascorbate reduction and complexation to the oxidase overlap. The increased reducibility for bound cytochrome £ by reductants DAD and TMPD supports a suggested conformational change of electrostatically bound c compare.d to free .£. In addition, analysis of electron distribution between cytochromes £ and a in the complex suggest that the midpotential of cytochrome ~ changes with the redox state of the oxidase. Such evidence supports models of the oxidase which suggest interactions within the enzyme (or c - enzyme complex) result in altered midpoint potentials of the redox centers.

A framework for understanding the factors that influence spectators' recall and recognition of embedded sponsorship stimuli

Now, more than ever, sponsors of athletic events demand to see evidence of a commercial return, such as enhanced brand awareness, for their investment of cash or non-cash resources (Lough et aI., 2000). The most common way to measure the impact of perimeter signage (Le., any billboard or sign that displays a company's brand name and/or logo and which surrounds the playing area) on spectators' awareness of event sponsors has been through the use of brand name recall and recognition tests (Shilbury & Berriman, 1996). Recall testing requires spectators to list all of the sponsors they can remember seeing at, for example, an athletic event, strictly from memory and without any help (Cuneen & Hannan, 1993). With recognition testing, spectators are required to identify sponsors from a prepared list which include "dummy" brand names (i.e., sponsors that are present in the list but which do not actually sponsor the event). In order to determine whether sponsors' brand awareness objectives are being met, it is important for sport and recreation marketers to understand what influences a spectator's ability to remember (Le., recall and/or recognize) the brand names of companies who advertise on perimeter signage. The purpose this study was to examine the factors that influence spectators' recall and recognition of embedded sponsorship stimuli (i.e., company brand names on perimeter signage surrounding the play area) at a Canadian University's men's basketball game and football game. These factors included the number of games spectators attended over the course of the season (i.e., repeated exposure to sponsorship stimuli), spectators' level of involvement with the event, and spectators' level of involvement with the advertisements (i.e., perimeter signage). This study also examined the differences between recall and recognition as a means of measuring spectators' awareness of sponsors, and attempted to determine if there are sport differences in spectators' recall and recognition of perimeter signage. Upon leaving the football stadium or gymnasium, spectators were approached, at random, by trained research assistants located at each exit and asked to complete a brief survey questionnaire. Respondents completed the survey on-site. A total of 358 completed surveys were collected from spectators who attended the football (N = 277) and basketball (N = 81) games. The data suggest that football and basketball respondents recognized more sponsors' brand names than they recalled. In addition, football respondents who were highly involved with the event (i.e., those individuals who viewed attending the events as fun, interesting and exciting) attended more games over the course of the season and had significantly higher brand name recognition of sponsors who advertised on perimeter signage than those individuals with low involvement with the athletic event. Football respondents who were highly involved with the sponsors' advertisements (i.e., those individuals who viewed sponsors' perimeter signage as appealing, valuable and important) had significantly higher brand name recall of event sponsors than those individuals with low involvement with these sponsors' advertisements. Repeated exposure to perimeter signage did not have a significant influence on football or basketball respondents' recall or recognition of sponsors. Finally, the data revealed that football respondents had significantly higher recall of sponsors' brand names than basketball respondents. Conversely, basketball respondents had significantly higher recognition of sponsors' brand names than did football respondents.

Reeves Hall, Roosevelt Hall and Memorial Hall, Chapman College, Orange, California

Looking northeast at Reeves Hall, Roosevelt Hall and Memorial Hall, Chapman College, Orange, California, ca. 1978. Low wall with Chapman College signage is in the foreground, with sunken lawn behind. Stamped on back: Bassett Phtography, 6216 S. Washington Ave., Whittier, CA. 90601.

Optical Properties of Sb2Te3, and Dilute Magnetic Semiconductors Sb1.97 VO.03 Te3 and Sb1.94 CrO.06 Te3

This thesis reports on the optical properties of the dilute magnetic semiconductors, Sb1.97 V 0.03 Te3 and Sb1.94Cr0.06Te3, along with the parent compound Sb2Te3' These materials develop a ferromagnetic state at low temperature with Curie temperatures of 22 K and 16 K respectively. All three samples were oriented such that the electric field vector of the light was perpendicular to the c-axis. The reflectance profile of these samples in the mid-infrared (500 to 3000 cm-1) shows a pronounced plasma edge which retracts with decreasing temperature. The far-infrared region of these samples exhibits a phonon at ~ 60 cm-1 which softens as temperature decreases. Kramers-Kronig analysis and a Drude-Lorentz model were employed to determine the optical constants of the bulk samples. The real part of the optical conductivity is shown to consist of intraband contributions at frequencies below the energy gap (~0.26 eV) and interband contributions at frequencies above the energy gap. The temperature dependence of the scattering rate show that a mix of phonon and impurity scattering are present, while the signature of traditional spin disorder (magnetic) scattering was difficult to confirm.

Etude des inhibiteurs d'entrée de CXCR4 : corécepteur d'entrée du virus de l'immunodéficience humaine.

L’entrée virale du VIH-1 dans ses cellules cibles constitue une cible thérapeutique de choix. À l’heure actuelle, un inhibiteur de fusion et un inhibiteur ciblant le corécepteur CCR5 sont utilisés en thérapie. Dans notre étude, notre objectif était d’évaluer le profil antiviral et fonctionnel de plusieurs types moléculaires envisagés comme inhibiteurs d’entrée du corécepteur CXCR4, soient : 1) de dérivés peptidiques mimant des portions du récepteur 2) de dérivés peptidiques issus du ligand naturel de CXCR4, le SDF-1 et 3) de dérivés du puissant inhibiteur de faible poids moléculaire, le T140. Notre recherche se concentrait sur la mise au point de molécules capables d’inhiber l’entrée du VIH en ciblant sélectivement le corécepteur CXCR4 tout en conservant les fonctions naturelles de ce dernier. Parmi les molécules testées, certaines possèdent un grand potentiel dans le développement de nouveaux médicaments antirétroviraux.

Trois compositions, trois genres musicaux et une démarche programmatique : Le chat noir, La nébuleuse de la tour, Le livre de Thot

La version intégrale de ce mémoire est disponible uniquement pour consultation individuelle à la Bibliothèque de musique de l'Université de Montréal (www.bib.umontreal.ca/MU).