Systematic and liquidity risk in sub-prime mortgage-backed assets

The mis-evaluation of risk in securitized financial products is central to understanding the global financial crisis. This paper characterizes the evolution of risk factors affecting collateralized debt obligations (CDOs) based on subprime mortgages. A key feature of subprime mortgage-backed indices is that they are distinct in their vintage of issuance. Using a latent factor framework that incorporates this vintage effect, we show the increasing importance of common factors on more senior tranches during the crisis. An innovation of the paper is that we use the unbalanced panel structure of the data to identify the vintage, credit, common and idiosyncratic effects from a state-space specification.

Phase diagrams of binary mixtures of patchy colloids with distinct numbers and types of patches: Theempty fluid regime

We investigate the effect of distinct bonding energies on the onset of criticality of low functionality fluid mixtures. We focus on mixtures ofparticles with two and three patches as this includes the mixture where "empty" fluids were originally reported. In addition to the number of patches, thespecies differ in the type of patches or bonding sites. For simplicity, we consider that the patches on each species are identical: one species has threepatches of type A and the other has two patches of type B. We have found a rich phase behavior with closed miscibility gaps, liquid-liquid demixing, and negative azeotropes. Liquid-liquid demixing was found to pre-empt the "empty" fluid regime, of these mixtures, when the AB bonds are weaker than the AA or BB bonds. By contrast, mixtures in this class exhibit "empty" fluid behavior when the AB bonds are stronger than at least one of the other two. Mixtureswith bonding energies epsilon(BB) = epsilon(AB) and epsilon(AA) < epsilon(BB), were found to exhibit an unusual negative azeotrope. (C) 2011 American Institute of Physics. [doi:10.1063/1.3561396]

Conjetura de Goldbach: uma visão aritmética

Dissertação de Mestrado, Matemática para Professores, 1 de Novembro de 2013, Universidade dos Açores.

Joining the online video conversation? Discourse and practices of European political institutions and politicians on YouTube

To mimic the online practices of citizens has been declared an imperative to improve communication and extend participation. This paper seeks to contribute to the understanding of how European discourses praising online video as a communication tool have been translated into actual practices by politicians, governments and organisations. By contrasting official documents with YouTube activity, it is argued that new opportunities for European political communication are far from being fully embraced, much akin to the early years of websites. The main choice has been to use YouTube channels fundamentally for distribution and archiving, thus neglecting its social media features. The disabling of comments by many heads of state and prime ministers - and, in 2010, the European Commission - indicates such an attitude. The few attempts made to foster citizen engagement, in particular during elections, have had limited success, given low participation numbers and lack of argument exchange.

William Kingston e the prime minister: uma representação ficcional da era pombalina

Dissertação de Mestrado em Estudos Anglo-Portugueses

Hepatitis C viral load does not predict disease outcome: going beyond numbers

The analysis of 58 patients with chronic hepatitis C without cirrhosis and treated with interferon-alpha demonstrated that hepatitis C viral (HCV) load does not correlate with the histological evolution of the disease (p = 0.6559 for architectural alterations and p = 0.6271 for the histological activity index). Therefore, the use of viral RNA quantification as an evolutive predictor or determinant of the severity of hepatitis C is incorrect and of relative value. A review of the literature provided fundamental and interdependent HCV (genotype, heterogeneity and mutants, specific proteins), host (sex, age, weight, etc) and treatment variables (dosage, time of treatment, type of interferon) within the broader context of viral kinetics, interferon-mediated immunological response (in addition to natural immunity against HCV) and the role of interferon as a modulator of fibrogenesis. Therefore, viral load implies much more than numbers and the correct interpretation of these data should consider a broader context depending on multiple factors that are more complex than the simple value obtained upon quantification.

A importância da análise económico-financeira na performance empresarial: relatório de estágio na empresa Prime Century, Lda

Com o acentuar da crise financeira (que se traduziu numa situação de recessão económica a nível mundial com efeitos consideráveis na economia portuguesa), cada empresa tem ainda mais em atenção a sua performance, como maximizar o seu valor, e talvez ainda mais importante nos dias que correm, como minimizar o risco de falência. Para tal, os gestores têm de ter em consideração todos os aspetos relevantes e que possam interferir com o sucesso do seu negócio. Nesse sentido, devem ter em seu poder o mais alargado leque de informação possível, para tomarem as decisões corretas tanto a curto como a médio longo prazo. A informação disponibilizada pela análise económico-financeira torna-se então um importante instrumento para a tomada de decisão embora não poderá ser apenas o único instrumento utilizado pelos decisores. Com o presente relatório de estágio pretende-se aferir da importância da análise económico-financeira na performance das empresas, tendo em consideração o estágio realizado na empresa Prime Century, Lda. Para além da já referida análise económico-financeira, iremos abordar, na sequência do trabalho desenvolvido durante o estágio, a criação de planos de negócios e a avaliação de empresas.

InnovationCity Ruhr: a prime example for social and technological innovation

The project “InnovationCity Ruhr” deals with the reconstruction of the city of Bottrop with regard to energy saving measures. The aim is to make the city more environmental friendly in order to create a model for other industrial cities. Until the conclusion of the project in the year 2020, it is planned to change the surface of Bottrop in several positive ways. This paper focuses on the description of the project to give the reader an example of what exactly is done within the scope of InnovationCity Ruhr. Besides that, the link to the subject of sociology shall be given in order to show that the project is a prime example for social innovation.

ABNORMAL SPERMATHECAE NUMBERS IN PERUVIAN SANDFLIES (DIPTERA: PSYSCHODIDAE)

We report and illustrate two abnormal spermatheca numbers found in Peruvian sandflies, a supernumerary spermatheca in Lutzomyia cernerai and the absence of one spermatheca in L. amazonensis.

Mapping numbers onto space in preschool children and adults

Tese de Doutoramento em Psicologia - Especialidade em Psicologia Experimental e Ciências Cognitivas

Da pós-neotelevisão: a reconfiguração do prime-time nos canais generalistas portugueses

"Colecção: Comunicação e sociedade - 12"

Lattice point inequalities and face numbers of polytopes in view of central symmetry

Magdeburg, Univ., Fak. für Mathematik, Diss., 2012

Conservação do bambu

This paper brings to light new data on the absence of influence of lunar phases on the preservation of bamboo sticks. The author cut down for one and a half years (from - June 18, 1947 to December 30,1948) bamboos in every phase of the moon. With part of the sticks obtained a fence was built; the rest v/as kept under shelter. In the fence there were: 5 whole sticks with no preservative, 5 whole sticks with thanalith, 5 halved sticks with no preservative, 5 halved sticks with thanalith, all buried 10 centimeters in the soil. An equal number of the same types and in the same fence were kept upright 10 centimeters above the soil. Under shelter, in a shed, there was another group of sticks, 10 of each of the same four types. After 5 1/2 years no damage was observed in the fence for any treatment or any phase of the moon. On the other hand, for those bamboos kept under shelter the following numbers of perforated sticks were observed. Number of perforated sticks after 5 1/2 years Without Thanalith Thanalith Date of cutting Phase of the moon Whole Halved Whole Halved 8 - 25 - 47 Prime 0 3 0 0 9 - 29 - 47 Full 0 3 0 0 10 - 7 - 47 Wane 0 3 0 0 10 - 14 - 47 New 2 4 0 0 10 - 29 - 47 Full 0 5 0 0 11 - 6 - 47 Wane 3 3 0 0 11 - 13 - 47 New 0 1 0 0 4 - 1 - 43 Wane 3 5 0 0 8 - 27 - 48 Wane 1 3 0 0 10 - 10 - 48 Prime 1 3 0 0 Totals 10 36 0 0 So, among the 400 sticks kept under shelter, after 5 1/2 years, only 46 were perforated, all among those withe no preservative. No influence of lunar phase at cutting down of sticks seems to be present.

Adelic convex geometry of numbers

Magdeburg, Univ., Fak. für Mathematik, Diss., 2014