Calendar effects and the pricing of risk:the UK evidence

For some time there has been a puzzle surrounding the seasonal behaviour of stock returns. This paper demonstrates that there is an asymmetric relationship between risk and return across the different months of the year. The paper finds that systematic risk is only priced during the months of January, April and July. Variance risk and firm size are priced during several months of the year including January. An analysis of the relative behaviour of size based securities reveals that firm capitalization makes a valuable contribution to the magnitude of risk premiums.

Impacts of the Madden-Julian oscillation on intraseasonal precipitation over northeast Brazil

Este estudo tem como objetivo investigar os impactos da oscilação de Madden-Julian (OMJ) na precipitação da região Nordeste do Brasil (NEB). Para tanto foram utilizados dados diários de precipitação baseados em 492 pluviômetros distribuídos na região e cobrindo um período de 30 anos (1981 − 2010). As análises através de composições de anomalias de precipitação, radiação de onda longa e fluxo de umidade, foram obtidas com base no índice da OMJ desenvolvido por Jones-Carvalho. Para distinguir o sinal da OMJ de outros padrões de variabilidade climática, todos os dados diários foram filtrados na escala de 20 − 90 dias; portanto somente dias classificados como eventos da OMJ foram considerados nas composições. Uma análise preliminar baseada apenas nos dados de precipitação foi feita para uma pequena área localizada no interior semiárido do NEB, conhecida como Seridó. Essa microrregião é uma das áreas mais secas do NEB e foi reconhecida pela Convenção das Nações Unidas para o Combate à Desertificação e Mitigação dos Efeitos das Secas como particularmente vulnerável à desertificação. Composições de anomalias de precipitação foram feitas para cada uma das oito fases da OMJ durante Fevereiro-Maio (principal período chuvoso da microrregião). Os resultados mostraram a existência de variações significativas nos padrões de precipitação (de precipitação excessiva à deficiente) associados à propagação da OMJ. A combinação dos sinais de precipitação obtidos durantes as fases úmidas e secas da OMJ mostrou que a diferença corresponde cerca de 50 − 150% de modulação das chuvas na microrregião. Em seguida, uma investigação abrangente sobre o papel da OMJ sobre toda a região Nordeste foi feita considerando-se as quatro estações do ano. Os resultados mostraram que os impactos da OMJ na precipitação intrassazonal do NEB apresentam forte sazonalidade. A maior coerência espacial dos sinais de precipitação ocorreram durante o verão austral, quando cerca de 80% das estações pluviométricas apresentaram anomalias positivas de precipitação durante as fases 1 − 2 da OMJ e anomalias negativas de precipitação nas fases 5 − 6 da oscilação. Embora impactos da OMJ na precipitação intrassazonal tenham sido encontrados na maioria das localidades e em todas as estações do ano, eles apresentaram variações na magnitude dos sinais e dependem da fase da oscilação. As anomalias de precipitação do NEB observadas são explicadas através da interação existente entre as ondas de Kelvin-Rossby acopladas convectivamente e as características climáticas predominantes sobre a região em cada estação do ano. O aumento de precipitação observado sobre a maior parte do NEB durante o verão e primavera austrais encontra-se associado com o fluxo de umidade de oeste (regime de oeste), o qual favorece a atividade convectiva em amplas áreas da América do Sul tropical. Por outro lado, as anomalias de precipitação durante o inverno e outono austrais apresentaram uma variabilidade espacial mais complexa. Durante estas estações, as anomalias de precipitação observadas nas estações localizadas na costa leste do NEB dependem da intensidade do anticiclone do Atlântico Sul, o qual é modulado em grande parte por ondas de Rossby. As características topográficas do NEB parecem desempenhar um papel importante na variabilidade observada na precipitação, principalmente nestas áreas costeiras. A intensificação do anticiclone aumenta a convergência dos ventos alísios na costa contribuindo para a ocorrência de precipitação observada à barlavento do planalto da Borborema. Por outro lado, o aumento da subsidência parece ser responsável pelos déficits de precipitação observados à sotavento. Tais condições mostraram-se típicas durante o predomínio do regime de leste sobre a região tropical da América do Sul e o NEB, durante o qual ocorre uma diminuição no fluxo de umidade proveniente da Amazônia.

Man with women's calendar

General note: Title and date provided by Bettye Lane.

(Table 1) Age determination of North Atlantic sediment cores

Stable isotope, trace metal, alkenone paleothermometry, and radiocarbon methods have been applied to sediment cores in the western subpolar North Atlantic between Hudson Strait and Cape Hatteras to reveal the history of climate in that region over the past ~11 kyr. We focus on cores from the Laurentian Fan, which is known to have rapid and continuous accumulation of hemipelagic sediment. Although results among our various proxy data are not always in agreement, the weight of the evidence (alkenone sea surface temperature (SST), d18O and abundance of Globigerinoides ruber) indicates a continual cooling of surface waters over Laurentian Fan, from about 18°C in the early Holocene to about 8°C today. Alternatively, Mg/Ca data on planktonic foraminifera indicate no systematic change in Holocene SST. The inferred long-term decrease in SST was probably driven by decreasing seasonality of Northern Hemisphere insolation. Two series of proxy data show the gradual cooling was interrupted by a two-step cold pulse that began 8500 years ago, and lasted about 700 years. Although this event is associated with the final deglaciation of Hudson Bay, there is no d18O minimum anywhere in the Labrador Sea, yet there is some evidence for it as far south as Cape Hatteras. Finally, although the 8200 year B.P. event has been implicated in decreasing North Atlantic ventilation, and hence widespread temperature depression on land and at sea, we find inconsistent evidence for a change at that time in deep ocean nutrient content at ~4 km water depth.

TENDENCIA THATCHERITIS OR ENGLISHNESS REMADE: The Fictions of Julian Barnes, Hanif Kureishi and Pat Barker

Julian Barnes, Pat Barker, and Hanif Kureishi are all canonical authors whose fictions are widely believed to reflect the cultural and political state of a nation that is post-war, post-imperial and post-modern. While much has been written on how Barker’s and Kureishi’s early works in particular respond to and intervene in the presiding political narrative of the 1980s – Thatcherism – treatment of how revenants of Thatcherism have shaped these writers’ works from 1990 on has remained cursory. Thatcherism is more than an obvious historical reference point for Barker, Barnes, and Kureishi; their works demonstrate a sophisticated understanding of how Thatcher’s reworkings of the repertoires of Englishness – a representational as well as political and cultural endeavour – persist beyond her time in office. Barnes, Barker, and Kureishi seem to have reached the same conclusion as political and cultural critics: Thatcher and Thatcherism have remade not only the contemporary political and cultural landscapes but also the electorate and consequently the English themselves. Tony Blair’s conception of the New Britain proved less than satisfactory because contemporary repertoires of Englishness repeat and rework historical and not incidentally imperial formulations of England and Englishness rather than envision civic and populist formulations of renewal. Barnes’s England, England and Arthur & George confront the discourse of inevitability that has come to be attached to contemporary formulations of both political and cultural Englishness – both in terms of its predictable demise and its belated celebration. Kureishi’s The Buddha of Suburbia and “The Body” speak to an alteration that has taken place in which historical Englishness and Thatcherism have become complementary rather than contrasting discourses. What Barker’s Border Crossing and Double Vision offer against this backdrop is a subtle interrogation of how renewal itself comes to be a presiding mode of cultural reflection that absorbs revolutionary possibility.

Continuation of Benchmark Project - Phase IV, 1999 Calendar Year, 2000

This is the final Report to the Iowa DOT Offices of Construction and the Highway Division for the calendar year 1999 research project entitled - Continuation of Benchmarking Project: Phase IV. This project continues efforts started in 1995 with the development of a performance measurement system. The performance measurements were used to identify areas that required improvement and process improvement teams (PITs) were launched to make recommendations for improvement. This report provides a brief historical background, documents Benchmark Steering Team Activities, describes measurement activities including the employee survey and collection of non-survey data. Then a retrospective of past PIT activities is given, which sets the stage for the substantial increase in PIT activity that occurred during the winter of 1998/9. Finally, the report closes with suggestions for future directions in Benchmarking Activity.

El copernicanismo en las Españas del XVI y el XVII. Ciencia, filosofía y literatura.

In 1543 Nicolas Copernicus published his Revolutionibus Orbium's Coelelestium. This is the scientific work that gave birth to modern science, something thoroughly European, since scientists of different countries contributed to it: Poland, Italy, Germany, Spain, France, Holland, etc. A work that appeared in a crucial moment obviously represented the need of that time to correct the Julian calendar. A new procedure to calculate the positions of the stars was necessary for astrology and for the making of predictions that were important at that time. Our intention is to outline the history of how it was introduced in Spain at the beginning of the scientific revolution. We will not conceal that Spain has been a country that has only contributed to scientific literature in a deficient way, maybe we can offer some arguments that help to understand why this has happened.

Parte frontal de la Escuela Francisco Julian Olaya

Parte frontal de la Escuela Francisco Julian Olaya. Trujillo. C. 1990

Resolución 251 del 15 de diciembre de 2008: Castro Castro Julian Anibal

Doctrina