Price Discovery in the Dual-Platform US Treasury Market

Inter-dealer trading in US Treasury securities is almost equally divided between two electronic trading platforms that have only slight differences in terms of their relative liquidity and transparency. BrokerTec is more active in the trading of 2-, 5-, and 10-year T-notes while eSpeed has more active trading in the 30-year bond. Over the period studied, eSpeed provides a more pre-trade transparent platform than BrokerTec. We examine the contribution to ‘price discovery’ of activity in the two platforms using high frequency data. We find that price discovery does not derive equally from the two platforms and that the shares vary across term to maturity. This can be traced to differential trading activities and transparency of the two platforms.

Mitigating the Impact of Faults in Unreliable Memories for Error-Resilient Applications

Inherently error-resilient applications in areas such as signal processing, machine learning and data analytics provide opportunities for relaxing reliability requirements, and thereby reducing the overhead incurred by conventional error correction schemes. In this paper, we exploit the tolerable imprecision of such applications by designing an energy-efficient fault-mitigation scheme for unreliable data memories to meet target yield. The proposed approach uses a bit-shuffling mechanism to isolate faults into bit locations with lower significance. This skews the bit-error distribution towards the low order bits, substantially limiting the output error magnitude. By controlling the granularity of the shuffling, the proposed technique enables trading-off quality for power, area, and timing overhead. Compared to error-correction codes, this can reduce the overhead by as much as 83% in read power, 77% in read access time, and 89% in area, when applied to various data mining applications in 28nm process technology.

Seaborne trade and the commercialisation of fifteenth- and sixteenth-century Gaelic Ulster

This study considers the frequently stated claim that the economy of Gaelic- speaking lordships in Ulster during the fifteenth and sixteenth centuries was predominately pastoral anduncommercialised, by drawing on a variety of sources not usually combined. It proposes that the increased European demand for fish and the growth of the fish industry across northern Europe played a crucial role in stimulating trade between the coastal areas of Ulster on the one hand, and Britain and continental Europe on the other. This led to the establishment of permanent markets and towns, which joined at least two new inland towns in the southern parts of the province, bringing about a commercial presence in most of the Ulster lordships before 1600. Gaelic Lords consolidated this development by building castles and friaries at these fixed trading places.

US Dollar Carry Trades in the Era of 'Cheap Money'

In this paper, we employ a unique dataset of actual US dollar (USD) forward positions against a number of currencies taken by so-called Commodity Trading Advisors (CTAs). We investigate to what extent these positions exhibit a pattern of USD carry trading or other patterns of currency trading over the recent period of the ultra-loose US monetary policy. Our analysis indeed shows that USD positions against emerging market currencies are characterised by a pattern of carry trading. That is, the USD, as the lower yielding currency, is associated with short positions. The payoff distributions of these positions, moreover, are found to have positive Sharpe ratios, negative skewness and high kurtosis. On the other hand, we find that USD positions against other advanced country currencies have a pattern completely opposite to carry trading which is in line with uncovered interest parity trading; that is, the lower (higher) yielding currency is associated with long (short) positions.

Pine wilt disease: global issues, trade and economic impact

Pine wilt disease (PWD) is perhaps the most serious threat to pine forests worldwide. Since it´s discovery in the early XXth century by Japanese forest researchers, and the relationship with its causative agent, the pinewood nematode (PWN) Bursaphelenchus xylophilus, in the 1970s, PWD has wreaked havoc wherever it appears. Firstly in the Far East (Japan, China and Korea) and now, more recently in 1999, in the EU (Portugal). The forest sector in Portugal plays a major role in the Portuguese economy with a 12% contribution to the industrial gross domestic product, 3.2% of the gross domestic product, 10% of foreign trade and 5% of national employment. Maritime pine (Pinus pinaster) is one of the most important pine productions, and industrial activity, such as the production of wood and resin, as well as coastal protection associated with sand dunes. Also, stone pine (Pinus pinea) plays an important role in the economy with a share derived from the exports of high-quality pineon seed. Thus, the tremendous economical and ecological impact of the introduction of a pest and pathogen such as the PWN, although as far as is known, the only species susceptible to the nematode is maritime pine. Immediately following detection, the research team involved (Univ. Évora, INIAP) informed the national plant quarantine and forest authorities, which relayed the information to Brussels and the appropriate EU authorities. A task force (GANP), followed by a national program (PROLUNP) was established. Since then, national surveys have been taking place, involving MADRP (Ministry of Agriculture), the University of Évora and several private corporations (e.g. UNAC). Forest growers in the area are particularly interested and involved since the area owned by the growers organizations totals 700 000 ha, largely affected by PWD. Detection of the disease has led to serious consequences and restrictions regarding exploration and commercialization of wood. A precautionary phytosanitary strip, 3 km-wide, has been recently (2007) established surrounding the affected area. The Portuguese government, through its national program PROLUNP, has been deeply involved since 1999, and in conjunction with the EU (Permanent Phytosanitary Committee, and FVO) and committed to controlling this nematode and the potential spread to the rest of the country and to the rest of the EU. The global impact of the presence of Bursaphelenchus xylophilus or the threat of its introduction and the resulting pine wilt disease in forested areas in different parts of the world is of increasing concern economically. The concern is exacerbated by the prevailing debate on climate change and the putative impact this could have on the vulnerability of the world’s pine forests to this disease. The scientific and regulatory approach taken in different jurisdictions to the threat of pine wilt disease varies from country to country depending on the perceived vulnerability of their pine forests to the disease and/or to the economic cost due to lost trade in wood products. Much of the research surrounding pine wilt disease has been located in the northern hemisphere, especially in southern Europe and in the warmer, coastal, Asian countries. However, there is an increased focus on this problem also in those countries in the southern hemisphere where plantations of susceptible pine have been established over the years. The forestry sector in Australia and New Zealand are on “high alert” for this disease and are practicing strict quarantine procedures at all ports of entry for wood products. As well, there is heightened awareness, as there is worldwide, for the need to monitor wood packaging materials for all imported goods. In carrying out the necessary monitoring and assessment of products for B. xylophilus and its vectors substantial costs are incurred especially when decisions have to be made rapidly and regardless of whether the outcome is positive or negative. Australia’s response recently to the appearance of some dying pines in a plantation illustrated the high sensitivity of some countries to this disease. Some $200,000 was spent on the assessment in order to save a potential loss of millions of dollars to the disease. This rapid, co-ordinated response to the report was for naught, because once identified it was found not to be B. xylophilus. This illustrates the particular importance of taking the responsibility at all levels of management to secure the site and the need of a rapid, reliable diagnostic method for small nematode samples for use in the field. Australia is particularly concerned about the vulnerability of its 1million hectares of planted forests, 80% of which are Pinus species, to attack from incursions of one or more species of the insect vector. Monochamus alternatus incursions in wood pallets have been reported from Brisbane, Queensland. The climate of this part of Australia is such that the Pinus plantations are particularly vulnerable to the potential outcome of such incursions, and the state of Queensland is developing a risk management strategy and a proactive breeding programme in response to this putative threat. New Zealand has 1.6 million hectares of planted forests and 89% of the commercial forest is Pinus radiata. Although the climate where these forests are located tends to be somewhat cooler than that in Australia the potential for establishment and development of the disease in that country is believed to be high. The passage alone of 200,000 m³/year of wood packaging through New Zealand ports is itself sufficient to require response. The potential incursion of insect vectors of pinewood nematode through the port system is regarded as high and is monitored carefully. The enormous expansion of global trade and the continued use of unprocessed/inadequately-processed wood for packaging purposes is a challenge for all trading nations as such wood packaging material often harbours disease or pest species. The extent of this problem is readily illustrated by the expanding economies and exports of countries in south-east Asia. China. Japan and Korea have significant areas of forestland infested with B. xylophilus. These countries too are among the largest exporting countries of manufactured goods. Despite the attempts of authorities to ensure that only properly treated wood is used in the crating and packaging of goods B. xylophilus and/or its insect vector infested materials is being recorded at ports worldwide. This reminds us, therefore, of the ease with which this nematode pest can gain access to forest lands in new geographic locations through inappropriate use, treatment or monitoring of wood products. It especially highlights the necessity to find an alternative to using low-grade lumber for packaging purposes. Lest we should believe that all wood products are always carriers of B. xylophilus and its vectors, it should be remembered that international trade of all kinds has occurred for thousands of years and that lumber-born pests and diseases do not have worldwide distribution. Other physico-biological factors have a significant role in the occurrence, establishment and sustainability of a disease. The question is often raised as to why the whole of southern Europe doesn’t already have B. xylophilus and pine wilt disease. European countries have traded with countries that are infested with B. xylophilus for hundreds of years. Turkey is an example of a country that appears to be highly vulnerable to pine wilt disease due to its extensive forests in the warm, southern region where the vector, Monochamus galloprovincialis, occurs. However, there is no record of the presence of B. xylophilus occurring there despite the importation of substantial quantities of wood from several countries In many respects, Portugal illustrates both the challenge and the dilemma. In recent times B. xylophilus was discovered there in the warm coastal region. The research, administrative and quarantine authorities responded rapidly and B. xylophilus appears to have been confined to the region in which it was found. The rapid response would seem to have “saved the day” for Portugal. Nevertheless, it raises again the long-standing questions, how long had B. xylophilus been in Portugal before it was found? If Lisbon was the port of entry, which seems very likely, why had B. xylophilus not entered Lisbon many years earlier and established populations and the pine wilt disease? Will the infestation in Portugal be sustainable and will it spread or will it die out within a few years? We still do not have sufficient understanding of the biology of this pest to know the answers to these questions.

Savoirs, affectivité et comportements : articulation de trois dimensions pour comprendre comment se construisent les apprentissages dans le contexte de l'éducation à la biodiversité. Le cas de l'étude d'arthropodes à l'école primaire en France

En France, l'éducation à la biodiversité est devenue une priorité au regard de la dégradation de la diversité biologique. À l'école primaire, elle est rattachée à la fois aux disciplines scientifiques et au développement durable. Les apprentissages attendus suivent essentiellement deux dimensions : les savoirs bioécologiques et les comportements escomptés reliés à ces savoirs. Cependant, de nombreuses recherches font apparaître l'importance de la dimension affective dans ces apprentissages notamment au regard du rapport émotionnel entretenu avec les objets d'étude. Dans ce contexte, cette thèse explore les dimensions cognitive, affective et comportementale des apprentissages en éducation à la biodiversité. Le champ de recherche est restreint à l'étude d'arthropodes à l'école primaire. Quels sont les apprentissages d'élèves du primaire en éducation à la biodiversité dans le cas de l'étude d'arthropodes, selon la description, l'analyse et l'articulation de trois dimensions : savoir, affectivité et comportements ? Pour répondre à cette question, le cadre conceptuel s'appuie sur l'analyse des savoirs, sur le modèle de la maturité affective vis-à-vis des objets étudiés et sur l'opérationnalisation des comportements par les prises de position et intentions d'agir. Quatre objectifs sont poursuivis pour répondre à cette question : a) décrire et analyser chacune des trois dimensions, b) dégager les corrélations éventuelles entre les trois dimensions, c) identifier des profils particuliers d'apprenants, d) vérifier les effets d'une étude des arthropodes sur les apprentissages selon ces trois dimensions. La méthodologie utilisée suit deux perspectives : quantitative par une analyse multivariée des réponses à un questionnaire et qualitative par une analyse de réponses à la suite d'entretiens semi-dirigés. Les résultats obtenus ont permis de clarifier les trois dimensions considérées et d'éclairer leur articulation. La mesure et l'analyse de chaque dimension ont montré des différences significatives en fonction du type d'enseignement reçu en classe. Entre les dimensions analysées il existe des corrélations remarquables entre les savoirs, la maturité affective et les comportements. Des profils particuliers d'apprenants interreliant savoirs et affectivité ont pu être identifiés, ainsi que des profils généraux impliquant les trois dimensions. Nous avons pu constater l'importance de la relation affective avec les objets d'apprentissage qui, loin de perturber l'appropriation des savoirs aurait au contraire tendance à les renforcer tout en contribuant à construire des comportements citoyens et responsables.

M&A und das Synergieversprechen. Wen interessiert's? Entwicklung eines Ansatzes zur Analyse von Aktienkursreaktionen auf M&A-basierte Finanzkommunikation

Die Arbeit entwickelt einen Ansatz, mit dem Aktienkursreaktionen auf Unternehmensmeldungen untersucht werden können. Die Vorgehensweise entstammt der Forschungsfrage, ob Investoren im Sinne einer Kontrollfunktion des Kapitalmarktes angemessen auf Unternehmensmeldungen reagieren, die auf den Stand einer M&A-Integration hinweisen. Vermutet wird, dass Synergieeffekte vom Management im Vorfeld versprochen werden, um M&A-Transaktionen zu rechtfertigen. Anschließend würdigen bzw. kontrollieren Investoren die Entwicklung der Integration jedoch nicht ausreichend. Dies soll bewiesen werden, indem gezeigt wird, dass Kursreaktionen in Form von bereinigten Tagesrenditen und -volatilitäten, Handelsvolumen und Hoch-Tief-Spannen auf M&A-Meldungen vergleichsweise geringer ausfallen. Um eine Vergleichbarkeit von Unternehmensmeldungen verschiedener Gruppen (M&A, Produkte usw.) herstellen zu können, werden die Handlungsanreize der Meldungen mittels der qualitativen Inhaltsanalyse kategorisiert. Im Rahmen einer exemplarischen Anwendung zeigte sich, dass der Ansatz, dessen Besonderheit in der systematischen Auswahl probater Beobachtungen liegt, nicht für eine praktische Übertragung geeignet ist. Demnach konnte die Vermutung weder verworfen noch bestätigt werden. Theoretisch kann aufgrund der Betrachtung eines einzelnen Ereignistages, an dem neben der zu untersuchenden Meldung keine weiteren Informationen über das Unternehmen veröffentlicht worden sind, ein relativ starker Kausalitätsbezug zwischen Meldung und Reaktion hergestellt werden. Allerdings bestehen immer noch zu viele Störereignisse und Überlagerungseffekte, die eine kritische Validierung der Ergebnisse verhindern.

Sexe de l’enfant et investissement parental: le cas d’Haïti

Bon nombre d’études révèlent que, dans les pays en développement, la préférence des parents pour un sexe en particulier les pousse souvent à traiter leurs enfants inéquitablement. Pour déterminer si ce phénomène existe en Haïti, cette étude s’inspire des travaux de Barcellos et al. (2014) sur les parents indiens dont les résultats, obtenus à partir des données d’enquête démographique et de santé (DHS 1992), suggèrent une discrimination au détriment des filles. Cette discrimination a lieu au niveau du temps et des ressources consacrés à prendre soin de l’enfant suite à sa naissance. Les résultats obtenus à l’aide des données nationales révèlent qu’en 1994, parmi les variables d’intérêt (allaitement, immunisation, vitamine A), seule la probabilité d’allaitement semble varier par sexe en faveur des garçons en Haïti. Tout nouveau-né de sexe masculin a une probabilité de 3,2 points de pourcentage plus élevée d’être allaité que le sexe opposé. Des données plus récentes révèlent que le sexe de l’enfant n’a aucun impact sur la probabilité d’être allaité en 2000. Par contre, en 2005 l’effet de cette probabilité est contraire à celui observé en 1994. En l’occurrence, si le nouveau-né est de sexe féminin elle a 2,4 points de pourcentage de plus que les garçons d’être allaité. De plus, considérant les enfants de 0 à 59 mois, les estimations révèlent qu’en 2005 la durée de l’allaitement augmente de 11,2% si l’enfant est une fille. Mots clés: Investissement, Haïti, enfant, sexe, allaitement, mère, immunisation, anthropométrie, 1994, 2000, 2005.

O reordenamento da rede escolar na perspectiva dos municípios : um estudo na Câmara Municipal de Almada : 2010-2013

Dissertação de mestrado, Ciências da Educação (Administração Educacional), Universidade de Lisboa, Instituto de Educação, 2015

Dynamic cost indexing

This paper describes the development of a generic tool for dynamic cost indexing (DCI), which encompasses the ability to manage flight delay costs on a dynamic basis, trading accelerated fuel burn against ‘cost of time’. Many airlines have significant barriers to identifying which costs should be included in ‘cost of time’ calculations and how to quantify them. The need is highlighted to integrate historical passenger delay and policy data with real-time passenger connections data. The absence of industry standards for defining and interfacing necessary tools is recognised. Delay recovery decision windows and ATC cooperation are key constraints. DCI tools could also be used in the pre-departure phase, and may offer environmental decision support functionality: which could be used as a differentiating technology required for access to designated, future ‘green’ airspace. Short-term opportunities for saving fuel and/or reducing emissions are also identified.

Roteiros e rotas portuguesas do oriente nos séculos XVI e XVII

Tese de doutoramento, História (História dos Descobrimentos e da Expansão), Universidade de Lisboa, Faculdade de Letras, 2016

Understanding urban freight activity: key issues for freight planning

Using information gathered from some 30 UK surveys undertaken over the last 15 years, this paper provides planners with an understanding of road-based urban retail freight transport activity. The findings suggest that the average High Street business could expect up to 10 core goods and 7.6 service visits per week, in non-peak trading periods with 25% additional activity during the build up to Christmas. Vans (‘light goods vehicles’) were the dominant mode, responsible for 42% of delivery activity with a mean dwell time of 10 min. Where possible, load consolidation should be encouraged by methods such as Delivery and Servicing Plans and using out-of-town freight consolidation centres to bring in goods over the last mile in shared vehicles. Where this is not possible, loading bay monitoring and control, and preferred lorry routes can help manage the movement of vehicles in and out of dense urban areas. Service vehicle activity is a significant contributor to urban freight movements and often requires vehicles to be parked close to the premises being served. Centrally coordinating elements of service provision (e.g. for cleaning, equipment maintenance, recyclate collection), or providing improved, more flexible parking provision for service vehicles could be as or more beneficial in reducing overall freight impacts than focusing on core goods deliveries. In the case of the latter, ‘pay-as-you-leave’ car park charging systems could encourage short-stay service vehicles to park off-street.

Towards a Systematic Framework for the Modelling of the Allocation of Carbon Dioxide Emission Quotas in China

The needs for effectively controlling carbon dioxide emissions and properly allocating carbon dioxide emission permits or allowances in China have never been so great. In this paper, a systematic multi-agent-based framework for the modelling and analysis of the allocation of carbon dioxide emission quotas in China is proposed. A carbon trading market model as the core of the activities of allocation management is constructed and discussed. In addition, examples of the modelling and simulation work are presented.

A questão da língua na União Europeia – implicações sobre a liberdade de circulação de mercadorias

Dissertação apresentada ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do Grau de Mestre em Empreendedorismo e Internacionalização Orientada pela Mestre Maria Luísa Verdelho Alves