Understanding the mismatch between income poverty and deprivation: A dynamic comparative analysis

In this paper we seek to shed light on the mismatch between income poverty and deprivation through a comparative and dynamic analysis of both forms of disadvantage. By extending analysis over five waves of the ECHP we are able to take into account the key dimensions characterizing poverty profiles overtime. Our conclusions turn out to be remarkably stable across countries. While persistent income poverty measures are systematically related to both cross-sectional and longitudinal measures of deprivation, the scale of mismatch is no less at the latter than at the former level. There is some evidence that although rates of volatility for income and deprivation measures are roughly similar, the processes of change themselves are somewhat different. Further light is shed on the underlying processes by cross-classifying the forms of deprivation. Those exposed to both types of deprivation are differentiated from others in terms of need and resource variables. Conclusions relating to the socio-demographic influences on risk levels are influenced by choice and combination of indicators. The results of our analysis confirm the need to devote considerably more attention than heretofore to the analysis of multi-dimensional poverty dynamics.

A new method for estimating liquidity risk: Insights from a liquidity-adjusted CAPM framework

This paper proposes a new non-parametric method for estimating model-free, time-varying liquidity betas which builds on realized covariance and volatility theory. Working under a liquidity-adjusted CAPM framework we provide evidence that liquidity risk is a factor priced in the Greek stock market, mainly arising from the covariation of individual liquidity with local market liquidity, however, the level of liquidity seems to be an irrelevant variable in asset pricing. Our findings provide support to the notion that liquidity shocks transmitted across securities can cause market-wide effects and can have important implications for portfolio diversification strategies. ©2012 Elsevier B.V. All rights reserved.

Modified Information Criteria and Selection of Long Memory Time Series Models

The problem of model selection of a univariate long memory time series is investigated once a semi parametric estimator for the long memory parameter has been used. Standard information criteria are not consistent in this case. A Modified Information Criterion (MIC) that overcomes these difficulties is introduced and proofs that show its asymptotic validity are provided. The results are general and cover a wide range of short memory processes. Simulation evidence compares the new and existing methodologies and empirical applications in monthly inflation and daily realized volatility are presented.

The Greek Debt Crisis and Southern Europe: Majoritarian Pitfalls?

Although widely debated in broader socioeconomic terms, the Eurozone crisis has not received adequate scholarly attention with regards to the impact of alternative political systems. This article revisits the debate on majoritarian and consensus democracies drawing on recent evidence from the Eurozone debacle. Greece is particularly interesting both with regards to its potential ‘global spillover effects’ and choice of political system. Despite facing comparable challenges as Portugal and Spain, the country has become polarized socially and politically, seeing a record number of MP defections, electoral volatility and the rise of the militant extreme right. The article explains why Greece, the country that relied most extensively on majoritarian institutions, entered the global financial crisis in the most vulnerable position while subsequently faced insurmountable political and institutional obstacles in its management. The article points to the paradox of majoritarianism: in times of economic stress, the first ‘casualties’ are its strongest elements – centrist parties (bi-partisanship) and cabinet stability.

Testing the Prebisch–Singer hypothesis since 1650: Evidence from panel techniques that allow for multiple breaks

In this paper, we re-examine two important aspects of the dynamics of relative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting as far back as 1650 and powerful panel data stationarity tests that allow for endogenous multiple structural breaks. Results show that all the series are stationary after allowing for endogenous multiple breaks. Test results on the Prebisch–Singer hypothesis, which states that relative commodity prices follow a downward secular trend, are mixed but with a majority of series showing negative trends. We also make a first attempt at identifying the potential drivers of the structural breaks. We end by investigating the dynamics of the volatility of the 25 relative primary commodity prices also allowing for endogenous multiple breaks. We describe the often time-varying volatility in commodity prices and show that it has increased in recent years.

Optimal Time Series Momentum

We develop a continuous-time asset price model to capture the timeseries momentum documented recently. The underlying stochastic delay differentialsystem facilitates the analysis of effects of different time horizons used bymomentum trading. By studying an optimal asset allocation problem, we find thatthe performance of time series momentum strategy can be significantly improvedby combining with market fundamentals and timing opportunity with respect tomarket trend and volatility. Furthermore, the results also hold for different timehorizons, the out-of-sample tests and with short-sale constraints. The outperformanceof the optimal strategy is immune to market states, investor sentiment andmarket volatility.

Ionic liquids for efficient hydrogen sulfide and thiol scavenging

Functionalised pyridinium and ammonium ionic liquids bearing a Michael acceptor are shown to scavenge H₂S gas and various thiols, in most cases, without the aid of any added bases. Utilising the effective non-volatility of ionic liquids and ‘tagging’ malodourous substances to an ionic matrix renders them odourless.

Time-Varying Liquidity and Momentum Profits

A basic intuition is that arbitrage is easier when markets are most liquid. Surprisingly, we find that momentum profits are markedly larger in liquid market states. This finding is not explained by variation in liquidity risk, time-varying exposure to risk factors, or changes in macroeconomic condition, cross-sectional return dispersion, and investor sentiment. The predictive performance of aggregate market illiquidity for momentum profits uniformly exceed that of market return and market volatility states. While momentum strategies are unconditionally unprofitable in US, Japan, and Eurozone countries in the last decade, they are substantial following liquid market states.

Gas generation in interconnected power systems with high wind power penetration

Increasing installed capacities of wind power in an effort to achieve sustainable power systems for future generations pose problems for system operators. Volatility in generation volumes due to the adoption of stochastic wind power is increasing. Storage has been shown to act as a buffer for these stochastic energy sources, facilitating the integration of renewable energy into a historically inflexible power system. This paper examines peak and off peak benefits realised by installing a short term discharge storage unit in a system with a high penetration of wind power in 2020. A fully representative unit commitment and economic dispatch model is used to analyse two scenarios, one ‘with storage’ and one ‘without storage’. Key findings of this preliminary study show that wind curtailment can be reduced in the storage scenario, with a larger reduction in peak time ramping of gas generators is realised.

Combining Bio- and Chemo-catalysis for the Conversion of Bio-Renewable Alcohols

The use of biomass as a source of fuel is on the sharp increase. In parallel with this expansion, new chemical processes and technologies are required to improve efficiency, sustainability, and profitability.
Biocatalytic and chemocatalytic methods can be combined to affect the conversion of bio-alcohols, and convert them to valuable chemical targets in an atom efficient and environmentally benign manor. Fermentation offers a useful first step in biomass conversion, as whole cell biocatalysts can provide sustained activity when fed with crude biomass. Coupling this with homogeneous and/or heterogeneous catalysis enables the preparation of a diverse product range. The transition between biocatalytic and chemocatalytic steps can be assisted by utilising ionic liquids.
Ionic liquids have potential roles in biorefineries that generate alcohols; as an extractant, reaction medium, and catalytic reagent. Underpinning the potential of ionic liquids in this area is: 1. the ability of ionic liquids to solubilize polyols and alcohols; 2. the facility to functionalise ionic liquids and tune properties; 3. the low volatility of ionic liquids.
The FP7 project GRAIL will be highlighted; this project focusses on the utilisation of glycerol formed as a by-product in biodiesel synthesis.

Characteristics of Corticospinal Projections to the Intrinsic Hand Muscles in Skilled Harpists.

The process of learning to play a musical instrument necessarily alters the functional organisation of the cortical motor areas that are involved in generating the required movements. In the case of the harp, the demands placed on the motor system are quite specific. During performance, all digits with the sole exception of the little finger are used to pluck the strings. With a view to elucidating the impact of having acquired this highly specialized musical skill on the characteristics of corticospinal projections to the intrinsic hand muscles, focal transcranial magnetic stimulation (TMS) was used to elicit motor evoked potentials (MEPs) in three muscles (of the left hand): abductor pollicis brevis (APB); first dorsal interosseous (FDI); and abductor digiti minimi (ADM) in seven harpists. Seven non-musicians served as controls. With respect to the FDI muscle–which moves the index finger, the harpists exhibited reliably larger MEP amplitudes than those in the control group. In contrast, MEPs evoked in the ADM muscle–which activates the little finger, were smaller in the harpists than in the non-musicians. The locations on the scalp over which magnetic stimulation elicited discriminable responses in ADM also differed between the harpists and the non-musicians. This specific pattern of variation in the excitability of corticospinal projections to these intrinsic hand muscles exhibited by harpists is in accordance with the idiosyncratic functional demands that are imposed in playing this instrument.

Identifying the relative importance of stock characteristics

There is no consensus in the literature as to which stock characteristic best explains returns. In this study, we employ a novel econometric approach better suited than the traditional characteristic sorting method to answer this question for the UK market. We evaluate the relative explanatory power of market, size, momentum, volatility, liquidity and book-to-market factors in a semiparametric characteristic-based factor model which does not require constructing characteristic portfolios. We find that momentum is the most important factor and liquidity is the least important based on their relative contribution to the fit of the model and the proportion of sample months for which factor returns are significant. Overall, this study provides strong evidence to support that the momentum characteristic can best explain stock returns in the UK market. The econometric approach employed in this study is a novel way to assess relevant investment risk in international financial markets outside U.S. Moreover, multinational institutions and investors can use this approach to identify regional factors in order to diversify their portfolios.

Perceptual learning of acoustic noise generates memory-evoked potentials

Experience continuously imprints on the brain at all stages of life. The traces it leaves behind can produce perceptual learning [1], which drives adaptive behavior to previously encountered stimuli. Recently, it has been shown that even random noise, a type of sound devoid of acoustic structure, can trigger fast and robust perceptual learning after repeated exposure [2]. Here, by combining psychophysics, electroencephalography (EEG), and modeling, we show that the perceptual learning of noise is associated with evoked potentials, without any salient physical discontinuity or obvious acoustic landmark in the sound. Rather, the potentials appeared whenever a memory trace was observed behaviorally. Such memory-evoked potentials were characterized by early latencies and auditory topographies, consistent with a sensory origin. Furthermore, they were generated even on conditions of diverted attention. The EEG waveforms could be modeled as standard evoked responses to auditory events (N1-P2) [3], triggered by idiosyncratic perceptual features acquired through learning. Thus, we argue that the learning of noise is accompanied by the rapid formation of sharp neural selectivity to arbitrary and complex acoustic patterns, within sensory regions. Such a mechanism bridges the gap between the short-term and longer-term plasticity observed in the learning of noise [2, 4-6]. It could also be key to the processing of natural sounds within auditory cortices [7], suggesting that the neural code for sound source identification will be shaped by experience as well as by acoustics.

Família multigeracional e relações intergeracionais : perspectiva sistémica

Os sistemas familiares multigeracionais (três ou mais gerações vivas) passaram de raros no passado a uma realidade social cada vez mais comum na actualidade, devido ao fenómeno demográfico de envelhecimento populacional. Este estudo pretende contribuir para o conhecimento deste sistema social, situado entre a família nuclear e a comunidade, procurando descrever a sua estrutura, funções e padrões relacionais dos seus membros com outros familiares e com os sistemas sociais envolventes. Para tal, foi organizada uma amostra de 25 famílias multigeracionais (contendo quatro gerações), à qual foi aplicada uma entrevista de genograma a um elemento das gerações intermédias e quatro entrevistas de análise da rede social pessoal (uma por geração), perfazendo um total de 25 entrevistas de genograma e 92 de avaliação da rede social (menos 8 do que o esperado devido a mortalidade experimental). A análise dos dados possibilitou: 1) a aplicação do princípio de totalidade sistémica à família multigeracional, a sua definição como um sistema social de complexidade idiossincrática, a identificação dos subsistemas que compõem o objecto de estudo (indivíduo, núcleo familiar, composição familiar, geração, linhagem), e a definição de uma tipologia familiar multigeracional (família unificada, dispersa e fragmentada); 2) a identificação e análise de papéis sociais desempenhados pelos indivíduos no contexto familiar multigeracional especificamente relevantes neste nível sistémico (guardião das memórias familiares, elo de ligação familiar, pronto-socorro familiar); 3) a descrição das redes sociais pessoais e a identificação das diferenças estruturais e funcionais entre indivíduos pertencentes a diferentes subsistemas geracionais, que permitem reflectir sobre a evolução da rede social ao longo das várias fases de desenvolvimento individual e familiar; 4) um conhecimento mais aprofundado das redes sociais dos indivíduos mais idosos que pertencem a famílias multigeracionais, da composição da matriz relacional percepcionada como significativa e apoios disponibilizados. Em suma, os dois primeiros capítulos reflectem o esforço de desenvolvimento de um modelo heurístico para o sistema familiar multigeracional, numa perspectiva estruturalista, enquanto os dois capítulos subsequentes, apoiandose conceptualmente nos anteriores, facultam um quadro das relações entre subsistemas geracionais na actualidade, através de uma metodologia de análise das redes sociais. ABSTRACT: Multigenerational family systems comprising four generations are increasingly common nowadays due to the demographic phenomenon of population aging. This study aims at a deeper understanding of this social system, placed between the nuclear family and the community, in particular by describing its structure, functions and relational patterns of its members with other members in the family and surrounding social systems. A sample of 25 multigenerational families (comprising four generations) was selected. A genogram interview was applied to a member of the middle generations, and four personal social network questionnaires were administered to one element of each generation. A total of 25 genograms and 92 social network inventories were collected (minus 8 than expected due to experimental mortality). Main findings were: 1) the application of systemic principles to the multigenerational family, which allowed us to define it as a social system of idiosyncratic complexity, involving specific subsystems (individual, family nucleus, family composition, generation, lineage), and also to define a multigenerational family typology (unified, dispersed and fragmented family); 2) the identification and analysis of social roles assumed by individuals in the multigenerational family context, that are specifically relevant in this systemic level (keeper of family memories, connecting link in the family, family first aider); 3) the description of the personal social networks and the identification of structural and functional differences among individuals belonging to different generational subsystems, which allowed for a reflection on the evolution of social networks through the various stages of individual and family development; 4) a deeper knowledge of the eldest family members social networks, i.e. the relational matrix of significant individuals and supports in oldold age. In summary, the first two chapters reflect the development of a heuristic model directed at the multigenerational family, whereas the two subsequent chapters provide a view of contemporaneous relationships between generational subsystems, through a social network analysis methodology.

A.·. 418: um método de sistematização da concepção musical interpretativa

Este trabalho consiste numa proposta metodológica, denominada A∴418, que visa abordar a actividade especulativa dos performers no que diz respeito às suas concepções interpretativas dos discursos musicais. Foram identificados dois factores inerentes a esta actividade – as concepções expressiva e técnica – como estando na base da configuração final deste processo. O A∴418 resulta de um processo de aplicação de técnicas de análise musical vocacionadas para o estudo da interpretação musical, são elas a Análise da Intenção Musical Interpretativa (direccionada para a concepção expressiva da narrativa sonora) e a Análise Técnica da Intenção Musical Interpretativa (direccionada para a concepção técnico-instrumental do discurso musical). A sistematização deste processo metodológico conduz à produção de uma partitura final, revista pelo músico-instrumentista, na qual acrescem ao discurso original do compositor indicações que reflectem a concepção técnicoexpressiva produzida pelo performer que interpreta a obra musical. Esta metodologia foi demonstrada através da sua aplicação à concepção musical interpretativa do Concerto para Violoncelo em La menor, RV 418, de Antonio Vivaldi, tendo em conta as demandas específicas deste instrumento musical e a leitura idiossincrática que o autor fez desta obra musical em concreto.