What drives corporate default risk premia? Evidence from the CDS market

This paper studies the evolution of the default risk premia for European firms during the years surrounding the recent credit crisis. We employ the information embedded in Credit Default Swaps (CDS) and Moody’s KMV EDF default probabilities to analyze the common factors driving this risk premia. The risk premium is characterized in several directions: Firstly, we perform a panel data analysis to capture the relationship between CDS spreads and actual default probabilities. Secondly, we employ the intensity framework of Jarrow et al. (2005) in order to measure the theoretical effect of risk premium on expected bond returns. Thirdly, we carry out a dynamic panel data to identify the macroeconomic sources of risk premium. Finally, a vector autoregressive model analyzes which proportion of the co-movement is attributable to financial or macro variables. Our estimations report coefficients for risk premium substantially higher than previously referred for US firms and a time varying behavior. A dominant factor explains around 60% of the common movements in risk premia. Additionally, empirical evidence suggests a public-to-private risk transfer between the sovereign CDS spreads and corporate risk premia.

Cape Verde hotspot from the upper crust to the top of the lower mantle

We investigate the crust, upper mantle and mantle transition zone of the Cape Verde hotspot by using seismic P and S receiver functions from several tens of local seismograph stations. We find a strong discontinuity at a depth of similar to 10 km underlain by a similar to 15-km thick layer with a high (similar to 1.9) Vp/Vs velocity ratio. We interpret this discontinuity and the underlying layer as the fossil Moho, inherited from the pre-hotspot era, and the plume-related magmatic underplate. Our uppermost-mantle models are very different from those previously obtained for this region: our S velocity is much lower and there are no indications of low densities. Contrary to previously published arguments for the standard transition zone thickness our data indicate that this thickness under the Cape Verde islands is up to similar to 30 km less than in the ambient mantle. This reduction is a combined effect of a depression of the 410-km discontinuity and an uplift of the 660-km discontinuity. The uplift is in contrast to laboratory data and some seismic data on a negligible dependence of depth of the 660-km discontinuity on temperature in hotspots. A large negative pressure-temperature slope which is suggested by our data implies that the 660-km discontinuity may resist passage of the plume. Our data reveal beneath the islands a reduction of S velocity of a few percent between 470-km and 510-km depths. The low velocity layer in the upper transition zone under the Cape Verde archipelago is very similar to that previously found under the Azores and a few other hotspots. In the literature there are reports on a regional 520-km discontinuity, the impedance of which is too large to be explained by the known phase transitions. Our observations suggest that the 520-km discontinuity may present the base of the low-velocity layer in the transition zone. (C) 2011 Elsevier B.V. All rights reserved.

Os deícticos no discurso narrativo: demonstrativos e advérbios de lugar em Far from the madding crowd

O artigo está disponível em texto integral no link da versão do editor

Extended-spectrum β-lactamases from the North of Portugal in the boundaries to Spain: emergence of high resistance to 4th generation cephalosporins

During the past 15 years, emergence and dissemination of third-generation cephalosporins resistance in nosocomial Enterobacteriaceae became a serious problem worldwide, due to the production of extended-spectrum-β-lactamases (ESBLs). The aim of this study was to investigate among the presence of ESBL-producing enterobacteria among Portuguese clinical isolates nearby Spain, to investigate the antimicrobial susceptibility patterns and to compare the two countries. The β-lactamases genes, blaTEM, blaSHV and blaCTX-M were detected by molecular methods. Among the ESBL-producing isolates it was found extraordinary levels (98.9%) of resistance to the fourth-generation cephalosporin Cefepime. These findings point to the need of reevaluate the definition of ESBL.

Feedback regarding students initial pharmaceutical internship from the University of Medicine and Pharmacy, Cluj-Napoca

Introduction/Aims: The purpose of the study is to evaluate the perception of the organization, the development and the evaluation of the initial stage in the internship of students, in order to improve these activities and to establish the adequate objectives in accordance with the changes concerning the concept of modern pharmacy. Materials and methods: An online survey was made using Google Docs ® -Create Form extension. All results were accumulated and computed using Microsoft Excel ®. The questionnaire consisted of 11 questions, structured on several levels: the objectives and how they can be achieved, internship organization, the internship training (effective participation in specific activities and integration in the pharmaceutical activity), the assessment, the profile of tutor / pharmacy. The questionnaire was completed by students from the Faculty of Pharmacy, University of Medicine and Pharmacy "Iuliu Haţieganu" Cluj Napoca, Romania. Results and discussions. The study was conducted on 308 students (60% of all students from the study years II-IV. 90% of the respondents had actually participated in the internship, whilst 10% only formally participated in this activity. The main responsibilities of the students were: storage and reception of pharmaceutical products (94%, respectively 79%) and working with the receipts (57%). Most of the students appreciate that they were integrated into the work in the pharmacy, this being due largely pharmacist tutor, who expressed interest and ability in mentoring activities. They appreciated that the role of tutor requires 3-5 years of professional experience. In terms of the internship objectives, these should aim at applying the knowledge gained until the graduation year, but also familiarization with activities which might turn into applications for the coming years. 43% of students believe that only 25% of the theoretical knowledge was useful during the internship. 90 % of the total questioned considered useful to develop a practice guideline adapted to the year of study. Conclusions. The professional training of the future pharmacist’s students depends largely on experience gained by students during the internship activity. Feed-back from the students’ shows that they are aware of the usefulness of the internship, but believe the objectives must be updated and a better correlation between work in pharmacy and theoretical knowledge has to be made. A first step is to develop a practical guide adapted to each year of study. The involvement of the tutor pharmacist is also essential to the success of this activity

A Novel Short-Step Synthesis of New Xanthenedione Derivatives from the Cyclization of 3-Cinnamoyl-2-styrylchromones

Novel (E)-3-aryl-4-benzylidene-8-hydroxy-3,4-dihydro-1 H-xanthene-1,9(2H)-diones are prepared by the cyclization of (E,E)-3-cinnamoyl-5-hydroxy-2-styrylchromones efficiently catalyzed with boron tribromide. The (E,E)-3-cinnamoyl-5-hydroxy-2-styrylchromones are obtained from the Baker–Venkataraman rearrangement of (E,E)-2-acetyl-1,3-phenylene bis(3-phenylacrylate), which is greatly improved under microwave irradiation.

Bioactive meroditerpenes from Cystoseira abies-marina, collected from the coast of S. Miguel island

3rd Portuguese Meeting on Medicinal Chemistry and 1st Portuguese-Spanish-Brazilian Meeting on Medicinal Chemistry, Aveiro, 28-30 Novembro 2012.

Performance of coastal sea-defense infrastructure at El Jadida (Morocco) against tsunami threat: lessons learned from the Japanese 11 March 2011 tsunami

This paper seeks to investigate the effectiveness of sea-defense structures in preventing/reducing the tsunami overtopping as well as evaluating the resulting tsunami impact at El Jadida, Morocco. Different tsunami wave conditions are generated by considering various earthquake scenarios of magnitudes ranging from M-w = 8.0 to M-w = 8.6. These scenarios represent the main active earthquake faults in the SW Iberia margin and are consistent with two past events that generated tsunamis along the Atlantic coast of Morocco. The behavior of incident tsunami waves when interacting with coastal infrastructures is analyzed on the basis of numerical simulations of near-shore tsunami waves' propagation. Tsunami impact at the affected site is assessed through computing inundation and current velocity using a high-resolution digital terrain model that incorporates bathymetric, topographic and coastal structures data. Results, in terms of near-shore tsunami propagation snapshots, waves' interaction with coastal barriers, and spatial distributions of flow depths and speeds, are presented and discussed in light of what was observed during the 2011 Tohoku-oki tsunami. Predicted results show different levels of impact that different tsunami wave conditions could generate in the region. Existing coastal barriers around the El Jadida harbour succeeded in reflecting relatively small waves generated by some scenarios, but failed in preventing the overtopping caused by waves from others. Considering the scenario highly impacting the El Jadida coast, significant inundations are computed at the sandy beach and unprotected areas. The modeled dramatic tsunami impact in the region shows the need for additional tsunami standards not only for sea-defense structures but also for the coastal dwellings and houses to provide potential in-place evacuation.

Synthesis of meeting and recommendations from the Net-Biome round table discussion on "motivated" science on biodiversity management and use in support of overseas sutainable development

Net-Biome Final Meeting (Paris, 15 & 16 February, 2012).

On three endemic species of the linyphiid spider genus Canariphantes Wunderlich, 1992 (Araneae, Linyphiidae) from the Azores archipelago

Copyright © 2014 Magnolia Press.

Feeding strategy and trophic ontogeny in Scorpaena maderensis (Scorpaeniformes: Scorpaenidae) from the Azores, NE Atlantic

Copyright © 2014 Société Française d'Ichtyologie.

A new species of Malacoctenus from the Cape Verde Islands, eastern Atlantic (Pisces Teleostei, Labrisomidae)

Malacoctenus carrowi is described on the basis of three specimens from the Cape Verde Islands. The species is most similar to the only other eastern Atlantic species of the same genus, Malacoctenus africanus Cadenat, 1951. M. carrowi differs in colouration, a more elongated body, longer snout length, lower lateral line scale count and the absence of scales on the breast and is probably endemic to the Cape Verde Islands. A key to the Atlantic species of Malacoctenus is provided.

New data on hoverflies (Diptera: Syrphidae) from the Azorean island Pico (Portugal)

The hoverfly fauna of the Azores currently comprises 23 species (Smit 2010), but the current state of knowledge concerning these species differs for each island. In the year 1938, R. Frey and R. Storå recorded the first seven hoverfly species on Pico Island (Frey 1945), and these very same ones were still mentioned by Rojo et al. (1997). Smit (2010) added one more species to this list (Table 1). In the summer of 2014, the author of this article sampled hoverflies on Pico Island in several habitats. In this paper, the results will be presented.

Is action research necessarily collaborative? Discussing some findings from the RRC project

ECER 2014 "The Past, the Present and Future of Educational Research in Europe" will take place at the University of Porto from 1 - 5 September 2014.

Records of predatory, con-specific and human induced mauls on fish from the Northeast Atlantic and Black Sea

Present study aims to describe records of mauled and con-specific injures in various fish inhabiting different environment and to discuss possible impacts on fish behavior and ontogenesis. The fish specimens were collected from the Black Sea and Azores Islands (NE Atlantic). Individuals of European flounder, Pleuronectes flesus, common stingray, Dasyatis pastinaca and turbot, Scophthalmus maximus with missing dorsal and caudal fins and flesh, were found in the Black Sea. Specimens with severe mauls of the ocean sunfish, Mola mola, almaco jack, Seriola rivoliana and sargo, Diplodus sargus were recorded from the Azores Islands. All of them were caught alive and survived severe mauls caused by predators or by accidents with propellers, fishing nets. The NE Atlantic records, although possibly caused by natural predation, are more probably than not the result of negative interactions with human activity. Numerous records of mauled fish species from both regions show that the problem with adverse effects of fisheries is quite important. Predatory and con-specific injuries obviously are compatible with basic fish vital functions of described cases. The problem with negative anthropogenic interactions seems to be insufficiently investigated and need more attention by responsible managers and decision makers.