Measuring fund performance using multi-factor models: evidence for the Portuguese market

This paper examines the performance of Portuguese equity funds investing in the domestic and in the European Union market, using several unconditional and conditional multi-factor models. In terms of overall performance, we find that National funds are neutral performers, while European Union funds under-perform the market significantly. These results do not seem to be a consequence of management fees. Overall, our findings are supportive of the robustness of conditional multi-factor models. In fact, Portuguese equity funds seem to be relatively more exposed to smallcaps and more value-oriented. Also, they present strong evidence of time-varying betas and, in the case of the European Union funds, of time-varying alphas too. Finally, in terms of market timing, our tests suggest that mutual fund managers in our sample do not exhibit any market timing abilities. Nevertheless, we find some evidence of timevarying conditional market timing abilities but only at the individual fund level.

Integration of Individualized Management Systems (MSs) as an Aggregating Factor of Sustainable Value for Organizations: An Overview Through a Review of the Literature

Nowadays, there exist various standards for individual management systems (MSs), at least, one for each stakeholder. New ones will be published. An integrated management system (IMS) aims to integrate some or all components of the business into one coherent and efficient MS. Maximizing integration is more and more a strategic priority in that it constitutes an opportunity to eliminate and/or reduce potential factors of destruction of value for the organizations and also to be more competitive and consequently promote its sustainable success. A preliminary investigation was conducted on a Portuguese industrial company which, over the years, has been adopting gradually, in whole or in part, individualized management system standards (MSSs). A research, through a questionnaire, was performed with the objective to develop, in a real business environment, an adequate and efficient IMS-QES (quality, environment, and safety) model and to potentiate for the future a generic IMS model to integrate other MSSs. The strategy and research methods have taken into consideration the case study. It was obtained a set of relevant conclusions resulting from the statistical analyses of the responses to the survey. Globally, the investigation results, by themselves, justified and prioritized the conception of a model of development of the IMS-QES and consequent definition and validation of a structure of an IMS-QES model, to be implemented at the small- and medium-sized enterprise (SME) where the investigation was conducted.

A Globalização como factor de Exclusão

Revista Lusófona de Ciências Sociais

A Conservação do Património Arquitectónico como factor de defesa do Ambiente

Revista Lusófona de Arquitectura e Educação

Confirmatory Factor Analysis of the Behavioural Regulation in Exercise Questionnaire – Portuguese Version

Exercise constitutes one of the pillars of a healthy lifestyle (USDHHS, 1996). Paradoxically, more than 40% of Europeans are sedentary (Eurobarometer 213, 2004), although some interventions, at both community and individual levels, have been established to improve this situation. Some of these interventions are based on Self-Determination Theory (SDT: Deci & Ryan, 1985), which state that more internalized types of behaviour regulation lead to feelings of selfdetermination in one’s chosen activities and, consequently, to greater likelihood of behavioural adherence. Today, SDT is one of the most popular approaches to the study of exercise, thus the cross-cultural validation of instruments that can measure its constructs is a necessary step to further advance in the study of exercise motivation.

Pressão, memorização e eficácia publicitária. Para além da repetição: a criatividade como factor potencial de eficácia da comunicação publicitária

Este artigo analisa a questão da eficácia publicitária num contexto de saturação. O reconhecimento da marca ou a recordação da publicidade associada à marca serão sempre, pelo menos, objectivos secundários de uma qualquer campanha publicitária. A eficácia surge assim associada inegavelmente à capacidade de memorização por parte do público-alvo das campanhas. Assim, parece consensual que as bases da eficácia publicitária são a memorização e a frequência publicitária no seu conjunto. Os modelos quantitativos existentes baseados em extensas bases de dados utilizados para estimar os resultados de eficácia utilizam sobretudo a relação cobertura/repetição, mas não chegam para saber qual a real eficácia do anúncio face aos objectivos junto de um determinado target. É possível aumentar a eficácia, através da criatividade, sem aumentar a pressão publicitária. Num contexto de saturação publicitária, o aumento da pressão publicitária não resultará certamente em maior eficácia. A resposta passará pelo poder da criatividade, desde logo nas estratégias do marketing e da comunicação, mas também das próprias mensagens publicitárias e na criatividade ao nível da utilização dos meios, sejam eles mais ou menos tradicionais.

The role of an illiquidity factor in the Portuguese stock market

This study examines the role of illiquidity (proxied by the proportion of zero returns) as an additional risk factor in asset pricing. We use Portuguese monthly data, covering the period between January 1988 and December 2008. We compute an illiquidity factor using the Fama and French [Fama, E. F., and K. R. French (1993), "Common risk factors in the returns on stocks and bonds", Journal of Financial Economics, Vol. 33, Nº. 1, pp. 3-56] procedure and analyze the performance of CAPM, Fama-French three-factor model and illiquidity-augmented versions of these models in explaining both the time-series and the cross-section of returns. Our results reveal that the effect of characteristic liquidity is subsumed by the models considered, but the risk of illiquidity is not priced in the Portuguese stock market.

Breast cancer in Mexican women: an epidemiological study with cervical cancer control

INTRODUCTION: In Mexico, breast cancer (BC) is one of the main causes of cancer deaths in women, with increasing incidence and mortality in recent years. Therefore, the aim of the study is identify possible risk factors related to BC. METHODS: An epidemiological study of hospital cases of BC and controls with cervical uterine cancer (CUCA) was carried out at eight third level concentration hospitals in Mexico City. The total of 353 incident cases of BC and 630 controls with CUCA were identified among women younger than 75 years who had been residents of the metropolitan area of Mexico City for at least one year. Diagnosis was confirmed histologically in both groups. Variables were analyzed according to biological and statistical plausibility criteria. Univariate, bivariate and multivariate analyses were carried out. Cases and controls were stratified according to the menopausal hormonal status (pre and post menopause). RESULTS: The factors associated with BC were: higher socioeconomic level (OR= 2.77; 95%CI = 1.77 - 4.35); early menarche (OR= 1.32; 95%CI= 0.88 - 2.00); old age at first pregnancy (>31 years: OR= 5.49; 95%CI= 2.16 - 13.98) and a family history of BC (OR= 4.76; 95% CI= 2.10 - 10.79). In contrast, an increase in the duration of the breastfeeding period was a protective factor (>25 months: OR= 0.38; 95%CI= 0.20 - 0.70). CONCLUSIONS: This study contributes to the identification of risk factors for BC described in the international literature, in the population of Mexican women. Breastfeeding appears to play an important role in protecting women from BC. Because of changes in women`s lifestyles, lactation is decreasing in Mexico, and young women tend not to breastfeed or to shorten the duration of lactation.

El estrato socioeconómico como factor predictor del uso constante de condón en adolescentes

OBJETIVO: El estrato socioeconómico juega un rol importante en las desigualdades en salud. En México, la prevalencia más alta de casos de SIDA se encuentra en población de estratos más bajos. El propósito de lo estudio fue describir el estrato socioeconómico (ajustado por variables psicosociales, situacionales y demográficas) como un factor predictor del uso consistente del condón, en adolescentes. MÉTODOS: Se incluyó en el estudio una muestra de una encuesta previa aplicada a 1.410 adolescentes de 15 a 19 años y estratificada por edad, género y estrato socioeconómico de Guadalajara, México. El análisis fue aplicado sobre los 251 adolescentes que reportaron actividad sexual. El análisis estadístico se realizó mediante Ji Cuadrada, t-test, ANOVA y regresión logística. RESULTADOS: La frecuencia de uso consistente de condón fue 30,7% y hubo una prevalencia de uso irregular. El estrato socioeconómico alto fue el principal predictor (OR= 11,1, CI95%= 2,6-47,6). Otros predictores significativos fueron el género masculino, el soporte de los pares y el nivel alto de conocimientos sobre VIH/SIDA. CONCLUSIÓN: El estrato socioeconómico es un importante factor predictor del uso consistente del condón.

Implications of the LHC two-photon signal for two-Higgs-doublet models

We study the implications for two-Higgs-doublet models of the recent announcement at the LHC giving a tantalizing hint for a Higgs boson of mass 125 GeV decaying into two photons. We require that the experimental result be within a factor of 2 of the theoretical standard model prediction, and analyze the type I and type II models as well as the lepton-specific and flipped models, subject to this requirement. It is assumed that there is no new physics other than two Higgs doublets. In all of the models, we display the allowed region of parameter space taking the recent LHC announcement at face value, and we analyze the W+W-, ZZ, (b) over barb, and tau(+)tau(-) expectations in these allowed regions. Throughout the entire range of parameter space allowed by the gamma gamma constraint, the numbers of events for Higgs decays into WW, ZZ, and b (b) over bar are not changed from the standard model by more than a factor of 2. In contrast, in the lepton-specific model, decays to tau(+)tau(-) are very sensitive across the entire gamma gamma-allowed region.

Quantificação de fluxo do líquido cefalorraquidiano (LCR) por ressonância magnética

Mestrado em Radiações Aplicadas às Tecnologias da Saúde. Especialização: Ressonância Magnética.

Implementação da técnica Silver In Situ Hibridization para avaliação do status do gene EGFR em doentes com CPNPC

Avaliação do estado do gene Epidermal Growth Factor Receptor (EGFR), por Silver In Situ Hibridization (SISH), tem-se destacado como biomarcador preditivo na resposta à terapêutica. O principal objectivo foi optimizar a etapa de recuperação por calor da metodologia automatizada SISH Dual-Colour, em carcinomas pulmonares fixados em formol durante 24 e 72 horas. A optimização levou a um aumento da preservação do contorno nuclear e da intensidade e contraste dos sinais para os dois tempos de fixação, permitindo avaliar o estado do EGFR em 83,3% dos casos em estudo. A SISH Dual-Colour é uma alternativa para avaliar o estado do EGFR.

Microcytic anemia factor no estudo das anemias microcíticas

A anemia ferropénica e a β-Talassemia menor são as anemias microcíticas mais frequentes na prática laboratorial, sendo o seu diagnóstico de extrema importância clínica. O objectivo deste estudo consistiu na análise do poder discriminatório do MAF na caracterização destas anamias. Foi desenvolvido um estudo caso-controlo, tendo sido analisados os hemogramas de um grupo de 47 indivíduos com anemia ferropénica e 37 com β-talassemia, e de um grupo controlo constituído por 58 indivíduos saudáveis. Na diferenciação dos grupos patológicos, apenas a Hemoglobina, o VGM e o RDW apresentaram diferenças significativas. O MAF não demonstrou poder discriminatório relativamente às anemias microcíticas.