Interest rate (in)sensitivity of emerging market corporate debt : economic analysis based on 2002-2015 empirical evidence

Interest rate sensitivity assessment framework based on fixed income yield indexes is developed and applied to two types of emerging market corporate debt: investment grade and high yield exposures. Our research advances beyond the correlation analyses focused on co- movements in yields and/or spreads of risky and risk-free assets. We show that correlation- based analyses of interest rate sensitivity could appear rather inconclusive and, hence, we investigate the bottom line profit and loss of a hypothetical model portfolio of corporates. We consider historical data covering the period 2002 – 2015, which enable us to assess interest rate sensitivity of assets during the development, the apogee, and the aftermath of the global financial crisis. Based on empirical evidence, both for investment and speculative grades securities, we find that the emerging market corporates exhibit two different regimes of sensitivity to interest rate changes. We observe switching from a positive sensitivity under the normal market conditions to a negative one during distressed phases of business cycles. This research sheds light on how financial institutions may approach interest rate risk management, evidencing that even plain vanilla portfolios of emerging market corporates, which on average could appear rather insensitive to the interest rate risk in fact present a binary behavior of their interest rate sensitivities. Our findings allow banks and financial institutions for optimizing economic capital under Basel III regulatory capital rules.

Is financial instability male-driven? Gender and cognitive skills in experimental asset markets

The hypothesis that price stability would reliably increase with the fraction of women operating in financial markets has been frequently suggested in policy discussions. To test this hypothesis we conducted 10 male-only, 10 female-only and 10 mixed-gender experimental asset markets, and compared the effects of gender composition, confidence, risk attitude and cognitive skills. Male and female markets have comparable volatility and deviations from fundamentals, whereas mixed-gender markets are substantially more stable. On the other hand, higher average cognitive skills of the group are associated with reduced market volatility. Individual-level analysis shows that subjects with higher cognitive skills trade at prices closer to fundamental values and earn significantly higher profits; similarly, mixed markets exhibit lower mispricing, particularly for traders with lower cognitive skills. Our results are demonstrated to hold in other experimental asset market studies, suggesting that a mixed-gender composition reduces mispricing across different types of asset markets.

Desenvolvimento de sistemas de aditivos químicos para aplicação em cimentações de poços de petróleo

The primary cementing is an important step in the oilwell drilling process, ensuring the mechanical stability of the well and the hydraulic isolation between casing and formation. For slurries to meet the requirements for application in a certain well, some care in the project should be taken into account to obtain a cement paste with the proper composition. In most cases, it is necessary to add chemicals to the cement to modify its properties, according to the operation conditions and thus obtain slurries that can move inside the jacket providing a good displacement to the interest area. New technologies of preparation and use of chemicals and modernization of technological standards in the construction industry have resulted in the development of new chemical additives for optimizing the properties of building materials. Products such as polycarboxylate superplasticizers provide improved fluidity and cohesion of the cement grains, in addition to improving the dispersion with respect to slurries without additives. This study aimed at adapting chemical additives used in civil construction to be used use in oilwell cement slurries systems, using Portland cement CPP-Special Class as the hydraulic binder. The chemical additives classified as defoamer, dispersant, fluid loss controller and retarder were characterized by infrared absorption spectroscopy, thermogravimetric analyses and technological tests set by the API (American Petroleum Institute). These additives showed satisfactory results for its application in cement slurries systems for oil wells. The silicone-based defoamer promoted the reduction of air bubbles incorporated during the stirring of the slurries. The dispersant significantly reduced the rheological parameters of the systems studied. The tests performed with the fluid loss controller and the retarder also resulted in suitable properties for application as chemical additives in cement slurries

Rompendo com o fascínio pelo conceito abstrato : alguns motivos práticos e teóricos na elaboração da dialética especulativa

Este artigo pretende reconstruir alguns dos motivos práticos e teóricos da dialética hegeliana. Uma introdução geral deve servir ao propósito de delinear os contornos gerais do ponto de vista da dialética especulativa, o que será tentado a partir da apropriação crítica feita por Hegel do conceito kantiano de juízo reflexionante (1). A partir disso, pretendo apresentar a versão hegeliana do projeto da “filosofia da unificação” enquanto crítica da moral kantiana (2). Em seguida, o objetivo é mostrar como Hegel antecipa, nos escritos de juventude, uma compreensão da constituição orgânica e intersubjetiva da comunidade (3). Em terceiro lugar, indicaremos como Hegel vincula a elaboração de sua noção de dialética nas linhas gerais de um diagnóstico das dificuldades de integração social na modernidade política, a serem neutralizadas pelo pensamento de uma articulação imanente entre universal e particular (4). Finalmente, pretendo concluir com uma discussão de elementos da filosofia da religião no jovem Hegel como preâmbulo da crítica à filosofia da reflexão e do nascedouro do ponto de vista dialético-especulativo (5). ______________________________________________________________________________ ABSTRACT

O acesso à habitação no Brasil em tempos de capitalismo financeirizado : uma análise do Programa Minha Casa, Minha Vida

Dissertação (mestrado)—Universidade de Brasília, Instituto de Ciências Humanas, Departamento de Serviço Social, Programa de Pós-Graduação em Política Social, 2016.

Synthesis of porous graphene/TiO2 by use of recycled graphite

Graphene-based nanomaterials are a kind of new technological materials with high interest for physicists, chemists and materials scientists. Graphene is a two-dimensional (2-D) sheet of carbon atoms in a hexagonal configuration with atoms bonded by sp2 bonds. These bonds and this electron configuration provides the extraordinary properties of graphene, such as very large surface area, a tunable band gap, high mechanical strength and high elasticity and thermal conductivity [1]. Graphene has also been investigated for preparation of composites with various semiconductors like TiO2, ZnO, CdS aiming at enhanced photocatalytic activity for their use for photochemical reaction as water splitting or CO2 to methanol conversion [2-3]. In this communication, the synthesis of porous graphene@TiO2 obtained from a powder graphite recycled, supplied by ECOPIBA, is presented. This graphite was exfoliated, using a nonionic surfactant (Triton X-100) and sonication. Titanium(IV) isopropoxide was used as TiO2 source. After removing the surfactant with a solution HCl/n-propanol, a porous solid is obtained with a specific area of 358 m2g-1. The solid was characterized by XRD, FTIR, XPS, EDX and TEM. Figure 1 shows the graphene 2D layer bonded with nanoparticles of TiO2. When a water suspension of this material is exposed with UV-vis radiation, water splitting reaction is carried out and H2/O2 bubbles are observed (Figure 2)

NEW MICROFLUIDIC SYSTEM TO INCREASE ROBUSTNESS OF ELECTRODE PERFORMANCE AND DEVELOP POINT-OF-CARE HEMATOCRIT DEVICE

The present dissertation aimed to develop a new microfluidic system for a point-of-care hematocrit device. Stabilization of microfluidic systems via surfactant additives and integration of semipermeable SnakeSkin® membranes was investigated. Both methods stabilized the microfluidic systems by controlling electrolysis bubbles. Surfactant additives, Triton X-100 and SDS stabilized promoted faster bubble detachment at electrode surfaces by lowering surface tension and decreased gas bubble formation by increasing gas solubility. The SnakeSkin® membranes blocked bubbles from entering the microchannel and thus less disturbance to the electric field by bubbles occurred in the microchannel. Platinum electrode performance was improved by carbonizing electrode surface using red blood cells. Irreversibly adsorbed RBCs lysed on platinum electrode surfaces and formed porous carbon layers while current response measurements. The formed carbon layers increase the platinum electrode surface area and thus electrode performance was improved by 140 %. The microfluidic system was simplified by employing DC field to use as a platform for a point-of-care hematocrit device. Feasibility of the microfluidic system for hematocrit determination was shown via current response measurements of red blood cell suspensions in phosphate buffered saline and plasma media. The linear trendline of current responses over red blood cell concentration was obtained in both phosphate buffered saline and plasma media. This research suggested that a new and simple microfluidic system could be a promising solution to develop an inexpensive and reliable point-of-care hematocrit device.

Life Cycle of Deccan Trap Magma Chambers: A Crystal Scale Elemental and Strontium Isotopic Investigation

The Deccan Trap basalts are the remnants of a massive series of lava flows that erupted at the K/T boundary and covered 1-2 million km2 of west-central India. This eruptive event is of global interest because of its possible link to the major mass extinction event, and there is much debate about the duration of this massive volcanic event. In contrast to isotopic or paleomagnetic dating methods, I explore an alternative approach to determine the lifecycle of the magma chambers that supplied the lavas, and extend the concept to obtain a tighter constraint on Deccan’s duration. My method relies on extracting time information from elemental and isotopic diffusion across zone boundary in an individual crystal. I determined elemental and Sr-isotopic variations across abnormally large (2-5 cm) plagioclase crystals from the Thalghat and Kashele “Giant Plagioclase Basalts” from the lowermost Jawhar and Igatpuri Formations respectively in the thickest Western Ghats section near Mumbai. I also obtained bulk rock major, trace and rare earth element chemistry of each lava flow from the two formations. Thalghat flows contain only 12% zoned crystals, with 87Sr/86Sr ratios of 0.7096 in the core and 0.7106 in the rim, separated by a sharp boundary. In contrast, all Kashele crystals have a wider range of 87Sr/86Sr values, with multiple zones. Geochemical modeling of the data suggests that the two types of crystals grew in distinct magmatic environments. Modeling intracrystalline diffusive equilibration between the core and rim of Thalghat crystals led me to obtain a crystal growth rate of 2.03x10-10 cm/s and a residence time of 780 years for the crystals in the magma chamber(s). Employing some assumptions based on field and geochronologic evidence, I extrapolated this residence time to the entire Western Ghats and obtained an estimate of 25,000 – 35,000 years for the duration of Western Ghats volcanism. This gave an eruptive rate of 30 – 40 km3/yr, which is much higher than any presently erupting volcano. This result will remain speculative until a similarly detailed analytical-modeling study is performed for the rest of the Western Ghats formations.

EFFECTS OF BUBBLE-FACILITATED VOC TRANSPORT FROM LNAPL SMEAR ZONES ON VAPOR INTRUSION

Light non-aqueous phase liquid (LNAPL) sources can pose a significant threat to indoor air through vapour intrusion (VI). Most conceptual and numerical models of VI assume that the transport of volatile organic compounds (VOCs) is a diffusion-limited process. Recently, alternate conditions have been identified that could lead to faster transport, including the presence of preferential pathways and methanogenic gas production. In this study, an additional mechanism that could lead to faster transport was investigated: bubble-facilitated VOC transport from LNAPL smear zones. A laboratory investigation was preformed using pentane in one-dimensional laboratory columns and two-dimensional visualization experiments. Results of the column experiments showed that average VOC mass fluxes in the bubble-facilitated columns were over two orders of magnitude greater than in the diffusion-limited columns. In addition, the flux signal was intermittent, consistent with expectations of bubble-facilitated transport as bubbles expand, mobilize and are released to the vadose zone at various times during the test. The results from the visualization experiments showed gas fingers growing and mobilizing over time, which supports the findings of the column experiments. In conclusion, these results demonstrate the potential for bubble-facilitated VOC transport to affect mass transfer in LNAPL smear zones, and lead to increased indoor air concentrations by VI.

Metabolically healthy obesity across the life course: epidemiology, determinants and implications

In recent years, different subphenotypes of obesity have been described, including metabolically healthy obesity (MHO), in which a proportion of obese individuals, despite excess body fat, remain free of metabolic abnormalities and increased cardiometabolic risk. In the absence of a universally accepted set of criteria to classify MHO, the reported prevalence estimates vary widely. Our understanding of the determinants and stability of MHO over time and the associated cardiometabolic and mortality risks is improving, but many questions remain. For example, whether MHO is truly benign is debatable, and whether risk stratification of obese individuals on the basis of their metabolic health status may offer new opportunities for more personalized approaches in diagnosis, intervention, and treatment of diabetes remains speculative. Furthermore, as most of the research to date has focused on MHO in adults, little is known about childhood MHO. In this review, we focus on the epidemiology, determinants, stability, and health implications of MHO across the life course.

Hallazgos ecográficos en la estenosis uretral y su correlación con endoscopia y uretrografía

"Con la implementación estandarizada de la ecografía uretral se pretende tener un efecto directo en el diagnóstico oportuno, no invasivo y sin complicaciones inherentes a la instrumentación del tracto urinario bajo en los pacientes que padecen de estenosis uretral; que finalmente redundará en disminución de costos a corto y largo plazo gracias a la eliminación de estudios innecesarios y procedimientos terapéuticos infructuosos, beneficiando al paciente y al sistema de salud vigente en nuestro medio. Los sujetos con estenosis uretrales complejas podrían ser diagnosticados de manera rápida, sencilla y minimamente invasiva sin importar la localización de la anomalía y su complejidad". (Extracto de la introducción)

PRISM (Polarized Radiation Imaging and Spectroscopy Mission): an extended white paper

PRISM (Polarized Radiation Imaging and Spectroscopy Mission) was proposed to ESA in May 2013 as a large-class mission for investigating within the framework of the ESA Cosmic Vision program a set of important scientific questions that require high res- olution, high sensitivity, full-sky observations of the sky emission at wavelengths ranging from millimeter-wave to the far-infrared. PRISM’s main objective is to explore the distant universe, probing cosmic history from very early times until now as well as the structures, distribution of matter, and velocity flows throughout our Hubble volume. PRISM will survey the full sky in a large number of frequency bands in both intensity and polarization and will measure the absolute spectrum of sky emission more than three orders of magnitude bet- ter than COBE FIRAS. The data obtained will allow us to precisely measure the absolute sky brightness and polarization of all the components of the sky emission in the observed frequency range, separating the primordial and extragalactic components cleanly from the galactic and zodiacal light emissions. The aim of this Extended White Paper is to provide a more detailed overview of the highlights of the new science that will be made possible by PRISM, which include: (1) the ultimate galaxy cluster survey using the Sunyaev-Zeldovich (SZ) e↵ect, detecting approximately 106 clusters extending to large redshift, including a char- acterization of the gas temperature of the brightest ones (through the relativistic corrections to the classic SZ template) as well as a peculiar velocity survey using the kinetic SZ e↵ect that comprises our entire Hubble volume; (2) a detailed characterization of the properties and evolution of dusty galaxies, where the most of the star formation in the universe took place, the faintest population of which constitute the di↵use CIB (Cosmic Infrared Background); (3) a characterization of the B modes from primordial gravity waves generated during inflation and from gravitational lensing, as well as the ultimate search for primordial non-Gaussianity using CMB polarization, which is less contaminated by foregrounds on small scales than thetemperature anisotropies; (4) a search for distortions from a perfect blackbody spectrum, which include some nearly certain signals and others that are more speculative but more informative; and (5) a study of the role of the magnetic field in star formation and its inter- action with other components of the interstellar medium of our Galaxy. These are but a few of the highlights presented here along with a description of the proposed instrument.

ALGUNOS FACTORES QUE INCIDEN EN LA VALORACION DEL SUELO URBANO

Este ensayo tuvo como finalidad primordial señalar la importancia que encierra, para fines planificadores, el conocimiento de la distribución de los valores del suelo dentro de un área urbana determinada. Asi tomada como el area de estudio; el distrito 1 o el Carmen, y localizada en la porción noroeste de la ciudad capital de Costa Rica, toda una serie de factores o variables que presentan gran relevancia en la fijación de valores para su suelo, fuero fijados y analizados, una vez caracterizada el area bajo análisis. En búsqueda de un modelo que se adapte a tal situación, se realizo una revisión bibliográfica y los principios modelo sobre el valor del suelo fueron presentados. Con los datos e informaciones recibidos en las diferentes instituciones mencionadas a lo largo del trabajo, y con el material recopilado en el campo, se llevo a cabo una cuantificación de los mismos, principalmente mediante el uso de un sistema de clasificación del dato esencial (valor del suelo) y, posteriormente, una serie de correlaciones –regresiones, simples y múltiples-, fue realizada con el fin de comprobarlas hipótesis planteadas y  con ello llegar a un análisis de los resultados obtenidos que permitiese brindar algunas recomendaciones al respecto. Otra finalidad de este consiste en demostrar la importancia del trabajo del geógrafo en el proceso  de la fijación de los valores para el terreno, sea urbano, sea rural, y cualquiera sea el fin que persiga: valores fiscales, valores reales, comerciales y, por qué no, hasta especulativos. SUMARY The main objetive of this investigation is to demonstrate the importance of the distribution of land values in an urban area in regards to the planning process. The chosen study area is the first district (Carmen) located in the northeast section of  the capital city of San José. Once the study area had been chosen, a series of factors and variables relavant to the fixation of land values, were chosen and analyzed. In the search for a model that could be adapted to the situation, a bibliographic revision was made concerning the topic of land values, and a list of possible land values, and a list of possible land value models was presented. In was possible to quantify the data information obtained from the different institutions mentioned in the investigation as well as from the material collected in the field; principally by means of a classification system of essential data ( land values), and later, series of simple and multiple correlation regressions were applied with the primary purpose being to confirm  the main hypothesis and then, arrive at an analysis of the obtained results that permit respective recommendations. Another purpose of the investigation consisted in demonstrating the importance of the geographer in the process of determining urban and rural land values and even for speculative purposes.

Essays in Vertical Agreements and Consumer Behavior

This thesis collects three independent essays and a literature review. Two of them relate to vertical agreements. The first essay explores a retailer's choice in allocating control rights over the decision of retail prices. Results show that retailers adopt a hybrid configuration as a middle ground between two extremes, where pricing decisions are delegated, for all products, either to retailer or manufacturers. The second essay investigates the make-it-or-license-it choice of a brand owner under the risk of moral hazard when licensing the extension product to a third party. Brand licensing emerges as an equilibrium choice under brand dilution (respectively, enhancement) when the consumer perceives a large (small) distance between the extension product and parent brand. The third essay explores the issue of rating bubbles within online feedback systems by means of a field experiment. The analysis found the presence of positive social influence bias, in that high ratings affect the individual rating behavior in a significant way. The last paper is accompanied by a thorough and deep review of the literature about the consequences of online user ratings on product sales/performance (economic dimension) and product adoption/rating behavior (behavioral dimension). The topic is increasingly investigated by academic researchers and industry professionals alike. This overview presents established results and insights as issues for future research.

Progettare l'incompiuto. Il nuovo centro civico del QT8

Nel contesto socio-economico dei primi anni del secondo dopoguerra, caratterizzato dal bisogno di ricostruire una città profondamente danneggiata dai bombardamenti, la Triennale di Milano contribuì in modo preponderante nel tracciare le linee guida per la ricostruzione di una porzione di città. In tale contesto, l’architetto Piero Bottoni, in qualità di Commissario straordinario dell’Ente Autonomo Triennale, impostò l’”Ottava Triennale di Milano – Esposizione internazionale di arti decorative e industriali moderne e dell’architettura moderna” attorno al tema dell’abitare e concepì il Quartiere Triennale 8 come una esposizione permanente di nuovi tipi edilizi, di sistemi costruttivi e arredi innovativi, ma anche e soprattutto come un esempio sperimentale di una nuova spazialità urbana. Nel progetto del QT8 vennero messi sullo stesso piano casa, quartiere e città come tre aspetti inscindibili dello stesso problema, ma, sebbene la maggior parte del piano venne portato a termine, questa porzione di città non potè sfuggire alla realtà economica ed alle logiche speculative di quel tempo; infatti quello che si nota effettivamente arrivando nel quartiere è la mancanza del suo cuore, luogo di connessione funzionale e spaziale, di quella piazza porticata progettata, ma mai realizzata, sulla quale si sarebbero dovuti affacciare negozi, uffici pubblici, ristoranti, una casa collettiva, un cinema-teatro ed il mercato coperto. Da queste osservazioni, dalla necessità di offrire alla comunità dei residenti, e non solo, un fulcro pubblico dove instaurare relazioni sociali e nel quale poter usufruire dei servizi necessari, nasce l’idea di questo progetto di tesi.