Tests of International Asset Pricing Models in Scandinavian Stock Markets

This thesis examines whether global, local and exchange risks are priced in Scandinavian countries’ equity markets by using conditional international asset pricing models. The employed international asset pricing models are the world capital asset pricing model, the international asset pricing model augmented with the currency risk, and the partially segmented model augmented with the currency risk. Moreover, this research traces estimated equity risk premiums for the Scandinavian countries. The empirical part of the study is performed using generalized method of moments approach. Monthly observations from February 1994 to June 2007 are used. Investors’ conditional expectations are modeled using several instrumental variables. In order to keep system parsimonious the prices of risk are assumed to be constant whereas expected returns and conditional covariances vary over time. The empirical findings of this thesis suggest that the prices of global and local market risk are priced in the Scandinavian countries. This indicates that the Scandinavian countries are mildly segmented from the global markets. Furthermore, the results show that the exchange risk is priced in the Danish and Swedish stock markets when the partially segmented model is augmented with the currency risk factor.

Ager Tarraconensis 4. Els Antigons, una vil·la senyorial del Camp de Tarragona = Els Antigons, a High Status Villa in the Camp de Tarragona

La vil·la romana dels Antigons (Reus, tocant amb la Canonja) fou una de les més riques de l’ager Tarraconensis, raó per la qual ha merescut un tractament monogràfic. El nom ja indica la rellevància de les restes que s’hi han trobat des del segle XIX. És un jaciment dissortat, però: la construcció d’un complex industrial els anys 70 el va destruir en gran part i avui no en queda cap resta visible. En les excavacions d’urgència entre el 1976 i el 1979 es va recollir una importantíssima documentació. Destaca un forn del segle I dC on es produïen materials constructius i àmfores vineres. La vil·la experimentà un moment de gran riquesa la primera meitat del segle III, com ho indica el luxós nimfeu decorat amb estàtues, així com l’important abocador del mateix moment, que ha permès estudiar un abundantíssim conjunt de ceràmiques romanes. La vil·la perdurà almenys fins al segle V, i hi ha traces de freqüentació i ús en època visigòtica.

Active tectonics of the Alhama de Murcia fault, Betic Cordillera, Spain

We present an overview of the knowledge of the structure and the seismic behavior of the Alhama de Murcia Fault (AMF). We utilize a fault traces map created from a LIDAR DEM combined with the geodynamic setting, the analysis of the morphology, the distribution of seismicity, the geological information from E 1:50000 geological maps and the available paleoseismic data to describe the recent activity of the AMF. We discuss the importance of uncertainties regarding the structure and kinematics of the AMF applied to the interpretation and spatial correlation of the paleoseismic data. In particular, we discuss the nature of the faults dipping to the SE (antithetic to the main faults of the AMF) in several segments that have been studied in the previous paleoseismic works. A special chapter is dedicated to the analysis of the tectonic source of the Lorca 2011 earthquake that took place in between two large segments of the fault.

Substâncias húmicas aquáticas: fracionamento molecular e caracterização de rearranjos internos após complexação com íons metálicos

The aquatic humic substances (AHS) investigated in this study were conventionally isolated from Rio Negro waters - Amazonas State/Brazil by means of the collector XAD 8. A special five-stage tangential-flow ultrafiltration device was used for analytical fractionation of AHS. The fractionation patterns (6 fractions each) showed that metal traces remaining in AHS after their XAD 8 isolation have different size distributions. For instance, the major percentage of traces of Ni, Cu, Zn, Cd and Pb (determined using ICP-AES) was preferably complexed by molecules with relatively high molecular size (30-100 kDa) and the following complexation order was characterized: F2 >> F1 = F4 = F5 > F3 > F6. Moreover, the species formed between AHS and metals prepared by spiking, showed distribution patterns changing as a function of the complexation time (ageing process), indicating a slow transformation process and an inner rearrangements in the binding sites within the AHS molecules.

Distribuição de metais e caracterização das constantes de troca entre espécies metálicas e frações húmicas aquáticas de diferentes tamanhos moleculares

In this work the metal distribution and exchange constants between metal species and aquatic humic fractions with different molecular sizes were studied. The aquatic humic substances (AHS) were extracted by XAD-8 resin from water sample collected from Itapitanguí river, São Paulo State, Brazil. The AHS were fractionated in six fractions with different molecular sizes (>100 - <5 kDa) and characterized by several techniques. Molar ratios H/C suggested higher aromaticity for fractions F1 and F6 whereas molar ratios C/N didn´t show any differences regarding the humification degree between the fractions. The UV-Vis absorbance a254/a436 ratio showed higher results for F4 and F5, probably by less condensed features. FTIR studies showed high similarity in the functional groups in the fractions. The highest percentage of traces of Co, Al, Fe, Mn, Cu, Zn and Ni (determined by ICP-AES) was preferably complexed by fractions F3 and F4 with a greater amount of dissolved organic carbon (DOC). In addition, the exchange constants, determined by ultrafiltration method, showed complexes AHS-Fe and AHS-Al with higher stability than complexes AHS-Co in all fractions.

El neolític antic i l"inici de l"edat del bronze a les excavacions del nou conservatori del Liceu

[cat] En aquest article es presenta l"estudi interdisciplinari de les ocupacions prehistòriques recents (neolític i inici de l"edat del bronze) localitzades durant la construcció del Conservatori del Gran Liceu de Barcelona, al barri del Raval de la mateixa ciutat. Les restes ocupacionals corresponen a un assentament amb evidències d"estructures de combustió i diversos elements de suport. Hi destaca la conservació d"alguns magnífics fogars, així com un conjunt de materials abiòtics i biòtics que permeten augmentar el coneixement de les primeres comunitats agrícoles del Pla de Barcelona. [spa] En este artículo se presenta el estudio interdisciplinar de las ocupaciones prehistóricas recientes (Neolítico e inicio de la Edad del Bronce) localizadas durante la construcción del Conservatorio del Gran Liceo de Barcelona, en el barrio del Raval de la misma ciudad. Los restos de ocupación corresponden a un asentamiento con evidencias de estructuras de combustión y otros elementos de soporte. Entre ellos destaca la conservación de algunos magníficos hogares así como un conjunto de materiales abióticos y bióticos que permiten aumentar el conocimiento sobre las primeras comunidades agrícolas del llano de Barcelona. [eng] This paper presents the interdisciplinary study of the recent prehistoric occupations (Neolithic and Early Bronze Age) found during the construction of El Liceu Conservatoire in Barcelona"s El Raval district. Occupational remains correspond to a settlement with traces of combustion structures and several supporting elements. It emphasises the preservation of some magnificent fireplaces and a set of archaeological abitoic and biotic materials that can increase knowledge of the first farming communities in the Barcelona plain. [fra] Cet article présente l"étude interdisciplinaire des occupations préhistoriques récentes (néolithique et début de l"âge du bronze) localisées lors de la construction du Conservatoire du Grand Théâtre du Liceu (opéra) de Barcelone, dans le quartier du Raval. Les vestiges d"occupation correspondent à un établissement présentant des structures de combustion et différents éléments de support. On y remarque la conservation de quelques magnifiques foyers ainsi qu"un ensemble de matériaux abiotiques et biotiques qui peuvent enrichir les connaissances sur les premières communautés agricoles de la plaine de Barcelone.

Development a distributed simulation environment on a cluster of workstations

Simulation has traditionally been used for analyzing the behavior of complex real world problems. Even though only some features of the problems are considered, simulation time tends to become quite high even for common simulation problems. Parallel and distributed simulation is a viable technique for accelerating the simulations. The success of parallel simulation depends heavily on the combination of the simulation application, algorithm and message population in the simulation is sufficient, no additional delay is caused by this environment. In this thesis a conservative, parallel simulation algorithm is applied to the simulation of a cellular network application in a distributed workstation environment. This thesis presents a distributed simulation environment, Diworse, which is based on the use of networked workstations. The distributed environment is considered especially hard for conservative simulation algorithms due to the high cost of communication. In this thesis, however, the distributed environment is shown to be a viable alternative if the amount of communication is kept reasonable. Novel ideas of multiple message simulation and channel reduction enable efficient use of this environment for the simulation of a cellular network application. The distribution of the simulation is based on a modification of the well known Chandy-Misra deadlock avoidance algorithm with null messages. The basic Chandy Misra algorithm is modified by using the null message cancellation and multiple message simulation techniques. The modifications reduce the amount of null messages and the time required for their execution, thus reducing the simulation time required. The null message cancellation technique reduces the processing time of null messages as the arriving null message cancels other non processed null messages. The multiple message simulation forms groups of messages as it simulates several messages before it releases the new created messages. If the message population in the simulation is suffiecient, no additional delay is caused by this operation A new technique for considering the simulation application is also presented. The performance is improved by establishing a neighborhood for the simulation elements. The neighborhood concept is based on a channel reduction technique, where the properties of the application exclusively determine which connections are necessary when a certain accuracy for simulation results is required. Distributed simulation is also analyzed in order to find out the effect of the different elements in the implemented simulation environment. This analysis is performed by using critical path analysis. Critical path analysis allows determination of a lower bound for the simulation time. In this thesis critical times are computed for sequential and parallel traces. The analysis based on sequential traces reveals the parallel properties of the application whereas the analysis based on parallel traces reveals the properties of the environment and the distribution.

Emprego de óxidos tipo perovskita nas oxidações do propano e CO

Simultaneous oxidation/co-precipitation of an equimolar mixture of La(III) and Co(II) nitrates and La(III) nitrate and Mn(II) chloride afforded a hydroxide gel, which was converted to LaCoO3 and LaMnO3 on calcination at 600 °C. After calcination, the obtained perovskites have been characterised by X-ray diffraction (XRD), X- ray photoelectron spectroscopy (XPS), thermogravimetric analysis (DTA - TGA) and BET specific surface determination. Specific surface areas of perovskites were 12 - 60 m²/g. XRD analysis showed that LaCoO3 and LaMnO3 are simple phase perovskite - type oxides. Traces of LaOCl, in addition to the perovskite were detected in the LaMnO3. The catalytic behavior was examined in the propane and CO oxidation. The LaCoO3 catalyst was more active to CO2 than the LaMnO3 catalyst.

Coherent patterns and self-induced diffraction of electrons on a thin nonlinear layer

Electron scattering on a thin layer where the potential depends self-consistently on the wave function has been studied. When the amplitude of the incident wave exceeds a certain threshold, a soliton-shaped brightening (darkening) appears on the layer causing diffraction of the wave. Thus the spontaneously formed transverse pattern can be viewed as a self-induced nonlinear quantum screen. Attractive or repulsive nonlinearities result in different phase shifts of the wave function on the screen, which give rise to quite different diffraction patterns. Among others, the nonlinearity can cause self-focusing of the incident wave into a beam, splitting in two "beams," single or double traces with suppressed reflection or transmission, etc.

Crassostrea patagonica (d'Orbigny, 1842) shell concentrations from the late Miocene Rio Negro province, NE Patagonia, Argentina

The Río Negro Formation (late Miocene-early Pliocene) mainly consists of continental deposits, but it contains a middle member of marine origin. It represents a transgressive-regressive sequence that can be seen at several outcrops along the N Patagonian coast. The taphonomical approach to the El Espigón marine deposits permits the identification of four main layers containing different kinds of skeletal accumulation, which mainly consist of oyster shells [Crassostrea patagonica (D'Orbigny, 1842)]. These concentrations display three different morphologies (pouches, pavements and bouquets) with a different taphonomic signature. These deposits were formed in shallow marine environments influenced by wave activity that produced valve concentrations of different entities. They contain several shell beds that represent event, composite, hiatal to lag skeletal concentrations. Traces of bioturbation in the sediment (Thalassinoides, Teichichnus) and bioerosion on the shells (Entobia, Gastrochaeonolites, Caulostrepsis), and encrusters (cirripeds, bryozoans), are also abundant in the outcrop and consititue common components of these Miocene materials. Layers 1 and 2 of the sequence were deposited in shoreface/foreshore environments at the beginning of a highstand systems tract, while layers 3 and 4 were deposited at the end, or at the beginning of a forced regression, in foreshore environments. A final erosional episode cut the top of the layer 4, which truncated the abundant bioturbaation developed there.

Reações de carbociclização radicalar de orto-iodoaliloxibenzoatos derivados de d-glicose e d-galactose e comparação com as reações de seus análogos benzamidas

Two ortho-iodoallyloxybenzoates, methyl 4-O-allyl-2,3-di-O-benzyl-6-O-(2-iodobenzoyl)- alpha-D-glucopyranoside (3) and methyl 4-O-allyl-2,3-di-O-benzyl-6-O-(2-iodobenzoyl)- alpha-D-galactopyranoside (4) were synthesized in seven conventional steps from methyl alpha-D-glucopyranoside and methyl alpha-D-galactopyranoside, respectively. Bu3SnH-mediated aryl radical cyclization of 3 provided exclusively the hydrogenolysis product 12. The reaction of 4 gave the reduced uncyclized product 13 and only traces of 4A, resulting from 11-endo aryl radical cyclization. In previous papers we described that in similar Bu3SnH-mediated radical reaction of ortho-iodoallyloxybenzamides, analogs of 3 and 4, we obtained macrolactams resulting from 11-endo cyclization. An hypothesis to explain the differences is presented. It was assumed that in the aryl radical formed from iodobenzamides there is a suitable conformation to cyclization, which is stabilized by an intramolecular hydrogen bond.

Morphological and Magnetic Properties of Superparamagnetic Carbon-Coated Fe Nanoparticles Produced by Arc Discharge.

Spherical carbon coated iron particles of nanometric diameter in the 5-10 nm range have been produced by arc discharge at near-atmospheric pressure conditions (using 5-8·10 4 Pa of He). The particles exhibit a crystalline dense iron core with an average diameter 7.4 ± 2.0 nm surrounded by a sealed carbon shell, shown by transmission electron microscopy (TEM), selected-area diffrac- tion (SAED), energy-dispersive X-ray analysis (STEM-EDX) and electron energy loss spectroscopy (EELS). The SAED, EDX and EELS results indicate a lack of traces of core oxidized phases showing an efficient protection role of the carbon shell. The magnetic properties of the nanoparticles have been investigated in the 5-300 K temperature range using a superconducting quantum interference device (SQUID). The results reveal a superparamagnetic behaviour with an average monodomain diameter of 7.6 nm of the nanoparticles. The zero field cooled and field cooled (ZFC-FC)magnetization curves show a blocking temperature (TB)at room temperature very suitable for biomedical applications (drug delivery, magnetic resonance imaging-MRI-, hyperthermia).

Otimização do banho eletrolítico da liga Fe-W-B resistente à corrosão

A study on optimization of bath parameters for electrodeposition of Fe-W-B alloys from plating baths containing ammonia and citrate is reported. A 2³ full factorial design was successfully employed for experimental design analysis of the results. The corrosion resistance and amorphous character were evaluated. The bath conditions obtained for depositing the alloy with good corrosion resistance were: 0.01 M iron sulfate, 0.10 M sodium tungstate and 0.60 M ammonium citrate. The alloy was deposited at 12% current efficiency. The alloy obtained had Ecorr -0.841 V and Rp 1.463 x 10(4) Ohm cm². The deposit obtained under these conditions had an amorphous character and no microcracks were observed on its surface. Besides this, the bath conditions obtained for depositing the alloy with the highest deposition efficiency were: 0.09 M iron sulfate, 0.30 M sodium tungstate and 0.50 M ammonium citrate. The alloy was deposited at 50% current efficiency, with an average composition of 34 wt% W, 66 wt% Fe and traces of boron. The alloy obtained had Ecorr -0.800 V and Rp 1.895 x 10³ Ohm cm². Electrochemical corrosion tests verified that the Fe-W-B alloy deposited under both conditions had better corrosion resistance than Fe-Mo-B.

Utilização da múltipla voltametria de onda quadrada na determinação eletroanalítica de compostos orgânicos e inorgânicos

This paper reports the development of multiple square wave voltammetry and the possibilities of its use for electroanalytical determinations of organic and inorganic compounds with the improvement of the signal-to-noise ratios and detection limits 2-3 orders of magnitude lower than those obtained with conventional square wave voltammetry. The theoretical aspects and analytical applications were demonstrated as an increased analytical response (current) and application of different pulse modes for different redox processes. Preliminary results obtained for several redox systems using different electrode surfaces are shown, demonstrating also that MSWV represents an excellent alternative for the determination of ultra-traces of organic and inorganic compounds.

A síntese dos sesquiterpenos baquenolidas

The bakkenolide group of sesquiterpenes has been a focal point of synthetic efforts amongst several research laboratories all linked to our common origins at the Chemistry Institute at the State University in São Paulo. In this review we would like to present a historical perspective of this research, with unpublished background information, and a definitive retrosynthetic analysis of these molecules. This chemistry spans the time period from 1972 to 2006, and traces the initial steps with Prof. Dr. Helena Ferraz to the present day.