Asset pricing implications of benchmarking: A two-factor CAPM

In this paper we consider the equilibrium effects of an institutionalinvestor whose performance is benchmarked to an index. In a partialequilibrium setting, the objective of the institutional investor is modeledas the maximization of expected utility (an increasing and concave function,in order to accommodate risk aversion) of final wealth minus a benchmark.In equilibrium this optimal strategy gives rise to the two-beta CAPM inBrennan (1993): together with the market beta a new risk-factor (that wecall active management risk) is brought into the analysis. This new betais deffined as the normalized (to the benchmark's variance) covariancebetween the asset excess return and the excess return of the market overthe benchmark index. Different to Brennan, the empirical test supports themodel's predictions. The cross-section return on the active management riskis positive and signifficant especially after 1990, when institutionalinvestors have become the representative agent of the market.

Monitoreo oceanográfico pesquero en áreas seleccionadas. MOPAS Paita 0012

Presenta los resultados del monitoreo oceanográfico pesquero realizado entre el 28 y 30 de diciembre del 2000, cubriendo el área desde Punta Aguja hasta Talara. Detalla que las condiciones oceanográficas han mostrado una ambiente frío observado desde inicios del otoño de 1998, lo que se ha traducido en el registro de anomalías térmicas negativas. Se presenta la totalidad de los parámetros estudiados: físicos, quimicos, y biológicos con sus respectivas tablas y gráficos.

Estructura comunitaria bentodemersal peruana durante el otoño austral 2001

Analiza el resultado de 82 operaciones de pesca, captura total, entre 32 a 472 m de profundidad.

Estructura comunitaria bentodemersal peruana a fines de invierno de la primavera austral 2001

Analiza las 54 operaciones de pesca con captura total realizadas por el crucero BIC desde el puerto Huarmey hasta Puerto Pizarro.

Reduced microwave losses of YBa2Cu3O7_thin films on electro-optic LiNbO3 crystals

We report on the growth of epitaxial YBa2Cu3O7 thin films on X-cut LiNbO3 single crystals. The use of double CeO2/YSZ buffer layers allows a single in-plane orientation of YBa2Cu3O7, and results in superior superconducting properties. In particular, surface resistance Rs values of 1.4 m¿ have been measured at 8 GHz and 65 K. The attainment of such low values of Rs constitutes a key step toward the incorporation of high Tc materials as electrodes in photonic and acoustic devices.

Genetic diversity of Brazilian Pantaneiro horse and relationships among horse breeds

The objective of this work was to evaluate the genetic diversity of Brazilian Pantaneiro horse by microsatellite markers, investigate the effect of genetic bottlenecks and estimate genetic differentiation among four horse breeds. Genetic variation was estimated through allele frequencies and mean breed heterozygosity. Nei's genetic distances among the breeds Pantaneiro, Thoroughbred, Arabian, Spanish Pure Breed (Andalusian), and Uruguay Creole were calculated, and it was used to construct an UPGMA dendrogram. Clustering at different K values was calculated to infer population structure and assign individuals to populations. Nei's distances showed a minimum distance between Pantaneiro horse and Spanish Pure Breed (0.228), and similar distances from Spanish Pure Breed to Thoroughbred and to Arabian (0.355 and 0.332). It was observed a great level of diversity, clear distance from Pantaneiro horse to other breeds, and genetic uniformity within breed. It was verified a certain level of substructure of Pantaneiro horse showing no influences from the other studied breeds.

Reduced microwave losses of YBa2Cu3O7_thin films on electro-optic LiNbO3 crystals

We report on the growth of epitaxial YBa2Cu3O7 thin films on X-cut LiNbO3 single crystals. The use of double CeO2/YSZ buffer layers allows a single in-plane orientation of YBa2Cu3O7, and results in superior superconducting properties. In particular, surface resistance Rs values of 1.4 m¿ have been measured at 8 GHz and 65 K. The attainment of such low values of Rs constitutes a key step toward the incorporation of high Tc materials as electrodes in photonic and acoustic devices.

Relaciones entre los bovinos criollos panameños y algunas razas criollas de Latinoamérica

El objetivo de este trabajo fue establecer la relación genética entre poblaciones bovinas panameñas Guabalá y Guaymí y algunas poblaciones criollas de Latinoamérica. Se practicó un análisis factorial de correspondencias, análisis de varianza molecular, distancias genéticas, número medio de migrantes por población y los estadísticos F de Wright. Se evaluó la estructura de la población mediante un modelo Bayesiano, suponiéndose un número desconocido de K grupos diferentes genéticamente. El análisis factorial de correspondencias mostró que las poblaciones Guabalá y Guaymí se agrupan con los bovinos criollos mexicanos y el Texas Longhorn. Igualmente se observó menor diferenciación genética de las criollas panameñas con mexicanos y el Texas Longhorn. Los análisis de distancia genética también mostraron dados similares a los obtenidos por el Amova y por el análisis factorial de correspondencia, y se observó menor distancia entre poblaciones del norte y las panameñas, en comparación con las poblaciones del sur. La agrupación bayesiana permitió la asignación de los individuos a su respectivo grupo, con base en su semejanza genética, y proporcionó información acerca del número de poblaciones bajo el cual se originan. Hay una estrecha relación histórica, genética y geográfica de las poblaciones panameñas, criollas mexicanas y Texas Longhorn, a partir de las migraciones de sus precursores desde las Antillas hacia Panamá y México.

General electromagnetic simulation tool to predict the microwave nonlinear response of planar, arbitrarily-shaped HTS structures

This work describes a simulation tool being developed at UPC to predict the microwave nonlinear behavior of planar superconducting structures with very few restrictions on the geometry of the planar layout. The software is intended to be applicable to most structures used in planar HTS circuits, including line, patch, and quasi-lumped microstrip resonators. The tool combines Method of Moments (MoM) algorithms for general electromagnetic simulation with Harmonic Balance algorithms to take into account the nonlinearities in the HTS material. The Method of Moments code is based on discretization of the Electric Field Integral Equation in Rao, Wilton and Glisson Basis Functions. The multilayer dyadic Green's function is used with Sommerfeld integral formulation. The Harmonic Balance algorithm has been adapted to this application where the nonlinearity is distributed and where compatibility with the MoM algorithm is required. Tests of the algorithm in TM010 disk resonators agree with closed-form equations for both the fundamental and third-order intermodulation currents. Simulations of hairpin resonators show good qualitative agreement with previously published results, but it is found that a finer meshing would be necessary to get correct quantitative results. Possible improvements are suggested.

Detecção de disfunção renal através da dosagem de creatinina em amostra de gota de sangue seca no papel filtro

Resumo Introdução: A identificação precoce da doença renal crônica (DRC) por meio de amostras de sangue e urina é preconizada em populações de risco devido à elevada morbimortalidade. Objetivo: Apresentamos um teste simples e inovador para dosar a creatinina coletada em gota de sangue seca em papel filtro (PF). Métodos: Cento e seis pessoas em risco de DRC foram rastreadas com avaliação de dados clínicos, exame físico e coleta de sangue de forma convencional e em PF. Com os dados obtidos, foi estimada a taxa de filtração glomerular (e-TFG). Foi considerado diagnóstico de DRC a e-TFG < 60 ml/min. Resultados: A idade dos participantes foi de 57 ± 12 anos, 78 (73,5%) eram mulheres, 43 brancos (40,5%), 36 pardos (34%) e 27 negros (25,5%). O índice de massa corpórea foi de 29,5 ± 6,9 kg/m2, a pressão arterial sistólica foi de 125 mmHg (120-140 mmHg) e a pressão arterial diastólica de 80 mmHg (70-80 mmHg). A sensibilidade pela equação CKD-EPI foi de 94%, a especificidade 55%, o valor preditivo positivo foi de 94%, o valor preditivo negativo de 55% e a acurácia de 90%. A estatística de Bland-Altman mostrou que as diferenças entre os valores de creatinina dos dois testes estão numa faixa relativamente estreita (+ 0,68 mg/dL e -0,55mg/dL) para um desvio padrão de ± 1,96 mg/dL. Conclusão: A dosagem da creatinina coletada em gota de sangue em PF é um teste diagnóstico simples de ser realizado, pouco invasivo e que apresentou uma ótima acurácia, podendo ser útil para rastrear DRC.

L'entrée d'Espagne : chanson de geste franco-italienne. Tome 1 / publ. d'après le ms. unique de Venise par Antoine Thomas

[Entrée d'Espagne (français ancien). 1913]

L'entrée d'Espagne : chanson de geste franco-italienne. Tome 2 / publ. d'après le ms. unique de Venise par Antoine Thomas

[Entrée d'Espagne (français ancien). 1913]

Funciones de aseguramiento de calidad en la empresa actual

Tesis (Maestría en Ciencias de la Administración con Especialidad en Producción y Calidad) UANL