Modelo de valoración ajustado a la evolución del riesgo crediticio para carteras colectivas que invierten en títulos valores no tradicionales en la comisionista global Securities Colombia de la Ciudad de Medellín

Con los comportamientos del mercado financiero, las comisionistas de bolsa deben tener un modelo de valoración ajustado a la evolución del riesgo crediticio para las inversiones en títulos valores no tradicionales y de esta manera cumplir con los requerimientos emitidos por la Superintendencia Financiera de Colombia. En particular, se diseña el modelo sugerido por el regulador para la comisionista Global Securities de la ciudad de Medellín, para la cartera colectiva Credit Opportunities Fund - Compartimiento Facturas. El estudio de tipo descriptivo, analiza y diseña a partir del método CreditMetrics desarrollado por J.P Morgan, una valoración completa de la cartera teniendo en cuenta las pérdidas y ganancias por modificaciones de calidad crediticia.

AN EXAMINATION OF HYDROXYL RADICAL: OUR CURRENT UNDERSTANDING OF THE OXIDATIVE CAPACITY OF THE TROPOSPHERE THROUGH EMPIRICAL, BOX, AND GLOBAL MODELING APPROACHES

Hydroxyl radical (OH) is the primary oxidant in the troposphere, initiating the removal of numerous atmospheric species including greenhouse gases, pollutants that are detrimental to human health, and ozone-depleting substances. Because of the complexity of OH chemistry, models vary widely in their OH chemistry schemes and resulting methane (CH4) lifetimes. The current state of knowledge concerning global OH abundances is often contradictory. This body of work encompasses three projects that investigate tropospheric OH from a modeling perspective, with the goal of improving the tropospheric community’s knowledge of the atmospheric lifetime of CH4. First, measurements taken during the airborne CONvective TRansport of Active Species in the Tropics (CONTRAST) field campaign are used to evaluate OH in global models. A box model constrained to measured variables is utilized to infer concentrations of OH along the flight track. Results are used to evaluate global model performance, suggest against the existence of a proposed “OH Hole” in the tropical Western Pacific, and investigate implications of high O3/low H2O filaments on chemical transport to the stratosphere. While methyl chloroform-based estimates of global mean OH suggest that models are overestimating OH, we report evidence that these models are actually underestimating OH in the tropical Western Pacific. The second project examines OH within global models to diagnose differences in CH4 lifetime. I developed an approach to quantify the roles of OH precursor field differences (O3, H2O, CO, NOx, etc.) using a neural network method. This technique enables us to approximate the change in CH4 lifetime resulting from variations in individual precursor fields. The dominant factors driving CH4 lifetime differences between models are O3, CO, and J(O3-O1D). My third project evaluates the effect of climate change on global fields of OH using an empirical model. Observations of H2O and O3 from satellite instruments are combined with a simulation of tropical expansion to derive changes in global mean OH over the past 25 years. We find that increasing H2O and increasing width of the tropics tend to increase global mean OH, countering the increasing CH4 sink and resulting in well-buffered global tropospheric OH concentrations.

Millennial-scale fluctuations of the European Ice Sheet at the end of the last glacial, and their potential impact on global climate

Reconstructing Northern Hemisphere ice-sheet oscillations and meltwater routing to the ocean is important to better understand the mechanisms behind abrupt climate changes. To date, research efforts have mainly focused on the North American (Laurentide) ice-sheets (LIS), leaving the potential role of the European Ice Sheet (EIS), and of the Scandinavian ice-sheet (SIS) in particular, largely unexplored. Using neodymium isotopes in detrital sediments deposited off the Channel River, we provide a continuous and well-dated record for the evolution of the EIS southern margin through the end of the last glacial period and during the deglaciation. Our results reveal that the evolution of EIS margins was accompanied with substantial ice recession (especially of the SIS) and simultaneous release of meltwater to the North Atlantic. These events occurred both in the course of the EIS to its LGM position (i.e., during Heinrich Stadial –HS– 3 and HS2; ∼31–29 ka and ∼26–23 ka, respectively) and during the deglaciation (i.e., at ∼22 ka, ∼20–19 ka and from 18.2 ± 0.2 to 16.7 ± 0.2 ka that corresponds to the first part of HS1). The deglaciation was discontinuous in character, and similar in timing to that of the southern LIS margin, with moderate ice-sheet retreat (from 22.5 ± 0.2 ka in the Baltic lowlands) as soon as the northern summer insolation increase (from ∼23 ka) and an acceleration of the margin retreat thereafter (from ∼20 ka). Importantly, our results show that EIS retreat events and release of meltwater to the North Atlantic during the deglaciation coincide with AMOC destabilisation and interhemispheric climate changes. They thus suggest that the EIS, together with the LIS, could have played a critical role in the climatic reorganization that accompanied the last deglaciation. Finally, our data suggest that meltwater discharges to the North Atlantic produced by large-scale recession of continental parts of Northern Hemisphere ice sheets during HS, could have been a possible source for the oceanic perturbations (i.e., AMOC shutdown) responsible for the marine-based ice stream purge cycle, or so-called HE's, that punctuate the last glacial period.

Global change and climate-driven invasion of the Pacific oyster (Crassostrea gigas) along European coasts: a bioenergetics modelling approach

Aim The spread of non-indigenous species in marine ecosystems world-wide is one of today's most serious environmental concerns. Using mechanistic modelling, we investigated how global change relates to the invasion of European coasts by a non-native marine invertebrate, the Pacific oyster Crassostrea gigas. Location Bourgneuf Bay on the French Atlantic coast was considered as the northern boundary of C. gigas expansion at the time of its introduction to Europe in the 1970s. From this latitudinal reference, variations in the spatial distribution of the C. gigas reproductive niche were analysed along the north-western European coast from Gibraltar to Norway. Methods The effects of environmental variations on C. gigas physiology and phenology were studied using a bioenergetics model based on Dynamic Energy Budget theory. The model was forced with environmental time series including in situ phytoplankton data, and satellite data of sea surface temperature and suspended particulate matter concentration. Results Simulation outputs were successfully validated against in situ oyster growth data. In Bourgneuf Bay, the rise in seawater temperature and phytoplankton concentration has increased C. gigas reproductive effort and led to precocious spawning periods since the 1960s. At the European scale, seawater temperature increase caused a drastic northward shift (1400 km within 30 years) in the C. gigas reproductive niche and optimal thermal conditions for early life stage development. Main conclusions We demonstrated that the poleward expansion of the invasive species C. gigas is related to global warming and increase in phytoplankton abundance. The combination of mechanistic bioenergetics modelling with in situ and satellite environmental data is a valuable framework for ecosystem studies. It offers a generic approach to analyse historical geographical shifts and to predict the biogeographical changes expected to occur in a climate-changing world.

Too many presidents "spoil the broth"?- What role for the European Commission in global climate change politics?

The European Union is the only supranational organisation to have both implemented ‘domestic’ climate change policy and provided leadership for the international community on adaptation and mitigation measures. Although the competence for action in climate change is shared between the national governments and the supranational level of the European Union, on behalf of the EU the European Commission has played a prominent role in international climate change negotiations. The Lisbon Treaty (in force December 2009) brought a number of changes to the institutional framework of the European Union, most significantly to the European Council and the external role of the EU. These changes appear to have added to the complexity which surrounds issues of the external representation of the EU and not simplified them – are there too many ‘Presidents’ of these institutions vying for a role? This paper questions the extent to which these changes will impact on the Commission headed by Jose Manuel Barroso, Barroso II Commission (2009-2014), particularly on Barroso’s ability to provide leadership on ‘domestic’ climate change policy and hence direction to the approach which the EU takes in global climate change politics.

Adaptability, Transformation and Complex Changes in Namibia and Tanzania: Resilience and Innovation System Development in Local Communities

This thesis is a research about the recent complex spatial changes in Namibia and Tanzania and local communities’ capacity to cope with, adapt to and transform the unpredictability engaged to these processes. I scrutinise the concept of resilience and its potential application to explaining the development of local communities in Southern Africa when facing various social, economic and environmental changes. My research is based on three distinct but overlapping research questions: what are the main spatial changes and their impact on the study areas in Namibia and Tanzania? What are the adaptation, transformation and resilience processes of the studied local communities in Namibia and Tanzania? How are innovation systems developed, and what is their impact on the resilience of the studied local communities in Namibia and Tanzania? I use four ethnographic case studies concerning environmental change, global tourism and innovation system development in Namibia and Tanzania, as well as mixed-methodological approaches, to study these issues. The results of my empirical investigation demonstrate that the spatial changes in the localities within Namibia and Tanzania are unique, loose assemblages, a result of the complex, multisided, relational and evolutional development of human and non-human elements that do not necessarily have linear causalities. Several changes co-exist and are interconnected though uncertain and unstructured and, together with the multiple stressors related to poverty, have made communities more vulnerable to different changes. The communities’ adaptation and transformation measures have been mostly reactive, based on contingency and post hoc learning. Despite various anticipation techniques, coping measures, adaptive learning and self-organisation processes occurring in the localities, the local communities are constrained by their uneven power relationships within the larger assemblages. Thus, communities’ own opportunities to increase their resilience are limited without changing the relations in these multiform entities. Therefore, larger cooperation models are needed, like an innovation system, based on the interactions of different actors to foster cooperation, which require collaboration among and input from a diverse set of stakeholders to combine different sources of knowledge, innovation and learning. Accordingly, both Namibia and Tanzania are developing an innovation system as their key policy to foster transformation towards knowledge-based societies. Finally, the development of an innovation system needs novel bottom-up approaches to increase the resilience of local communities and embed it into local communities. Therefore, innovation policies in Namibia have emphasised the role of indigenous knowledge, and Tanzania has established the Living Lab network.

In-situ based reanalysis of the global ocean temperature and salinity with ISAS: variability of the heat content and steric height

The In Situ Analysis System (ISAS) was developed to produce gridded fields of temperature and salinity that preserve as much as possible the time and space sampling capabilities of the Argo network of profiling floats. Since the first global re-analysis performed in 2009, the system has evolved and a careful delayed mode processing of the 2002-2012 dataset has been carried out using version 6 of ISAS and updating the statistics to produce the ISAS13 analysis. This last version is now implemented as the operational analysis tool at the Coriolis data centre. The robustness of the results with respect to the system evolution is explored through global quantities of climatological interest: the Ocean Heat Content and the Steric Height. Estimates of errors consistent with the methodology are computed. This study shows that building reliable statistics on the fields is fundamental to improve the monthly estimates and to determine the absolute error bars. The new mean fields and variances deduced from the ISAS13 re-analysis and dataset show significant changes relative to the previous ISAS estimates, in particular in the southern ocean, justifying the iterative procedure. During the decade covered by Argo, the intermediate waters appear warmer and saltier in the North Atlantic and fresher in the Southern Ocean than in WOA05 long term mean. At inter-annual scale, the impact of ENSO on the Ocean Heat Content and Steric Height is observed during the 2006-2007 and 2009-2010 events captured by the network.

Modeling the Arctic Freshwater System and its integration in the global system: Lessons learned and future challenges

Numerous components of the Arctic freshwater system (atmosphere, ocean, cryosphere, terrestrial hydrology) have experienced large changes over the past few decades, and these changes are projected to amplify further in the future. Observations are particularly sparse, both in time and space, in the Polar Regions. Hence, modeling systems have been widely used and are a powerful tool to gain understanding on the functioning of the Arctic freshwater system and its integration within the global Earth system and climate. Here, we present a review of modeling studies addressing some aspect of the Arctic freshwater system. Through illustrative examples, we point out the value of using a hierarchy of models with increasing complexity and component interactions, in order to dismantle the important processes at play for the variability and changes of the different components of the Arctic freshwater system and the interplay between them. We discuss past and projected changes for the Arctic freshwater system and explore the sources of uncertainty associated with these model results. We further elaborate on some missing processes that should be included in future generations of Earth system models and highlight the importance of better quantification and understanding of natural variability, amongst other factors, for improved predictions of Arctic freshwater system change.

Abrupt shifts in the Gironde fish community: an indicator of ecological changes in an estuarine ecosystem

For decades, global climate change has directly and indirectly affected the structure and function of ecosystems. Abrupt changes in biodiversity have been observed in response to linear or sudden modifications to the environment. These abrupt shifts can cause long-term reorganizations within ecosystems, with communities exhibiting new functional responses to environmental factors. Over the last 3 decades, the Gironde estuary in southwest France has experienced 2 abrupt shifts in both the physical and chemical environments and the pelagic community. Rather than describing these shifts and their origins, we focused on the 3 inter-shift periods, describing the structure of the fish community and its relationship with the environment during these periods. We described fish biodiversity using a limited set of descriptors, taking into account both species composition and relative species abundances. Inter-shift ecosystem states were defined based on the relationship between this description and the hydro-physico-chemical variables and climatic indices defining the main features of the environment. This relationship was described using generalized linear mixed models on the entire time series and for each inter-shift period. Our results indicate that (1) the fish community structure has been significantly modified, (2) environmental drivers influencing fish diversity have changed during these 3 periods, and (3) the fish-environment relationships have been modified over time. From this, we conclude a regime shift has occurred in the Gironde estuary. We also highlight that anthropogenic influences have increased, which re-emphasizes the importance of local management in maintaining fish diversity and associated goods and services within the context of climate change.

Sedimentary archives of climate and sea-level changes during the Holocene in the Rhone prodelta (NW Mediterranean Sea)

A 7.38 m-long sediment core was collected from the eastern part of the Rhone prodelta (NW Mediterranean) at 67 m water depth. A multi-proxy study (sedimentary facies, benthic foraminifera and ostracods, clay mineralogy, and major elements from XRF) provides a multi-decadal to century-scale record of climate and sea-level changes during the Holocene. The early Holocene is marked by alternative silt and clay layers interpreted as distal tempestites deposited in a context of rising sea level. This interval contains shallow infra-littoral benthic meiofauna (e.g. Pontocythere elongata, Elphidium spp., Quinqueloculina lata) and formed between ca. 20 and 50 m water depth. The middle Holocene (ca. 8.3 to 4.5 ka cal. BP), is characterized, at the core site, by a period of sediment starvation (accumulation rate of ca. 0.01 cm yr−1) resulting from the maximum landward shift of the shoreline and the Rhone outlet(s). From a sequence stratigraphic point of view, this condensed interval, about 35 cm-thick, is a Maximum Flooding Surface that can be identified on seismic profiles as the transition between delta retrogradation and delta progradation. It is marked by very distinct changes in all proxy records. Following the stabilization of the global sea level, the late Holocene is marked by the establishment of prodeltaic conditions at the core site, as shown by the lithofacies and by the presence of benthic meiofauna typical of the modern Rhone prodelta (e.g. Valvulineria bradyana, Cassidulina carinata, Bulimina marginata). Several periods of increased fluvial discharge are also emphasized by the presence of species commonly found in brackish and shallow water environments (e.g. Leptocythere). Some of these periods correspond to the multi-decadal to centennial late Holocene humid periods recognized in Europe (i.e. the 2.8 ka event and the Little Ice Age). Two other periods of increased runoffs at ca. 1.3 and 1.1 ka cal. BP are recognized, and are likely to reflect periods of regional climate deterioration that are observed in the Rhone watershed.

A compilation of global bio-optical in situ data for ocean-colour satellite applications

A compiled set of in situ data is important to evaluate the quality of ocean-colour satellite-data records. Here we describe the data compiled for the validation of the ocean-colour products from the ESA Ocean Colour Climate Change Initiative (OC-CCI). The data were acquired from several sources (MOBY, BOUSSOLE, AERONET-OC, SeaBASS, NOMAD, MERMAID, AMT, ICES, HOT, GeP&CO), span between 1997 and 2012, and have a global distribution. Observations of the following variables were compiled: spectral remote-sensing reflectances, concentrations of chlorophyll a, spectral inherent optical properties and spectral diffuse attenuation coefficients. The data were from multi-project archives acquired via the open internet services or from individual projects, acquired directly from data providers. Methodologies were implemented for homogenisation, quality control and merging of all data. No changes were made to the original data, other than averaging of observations that were close in time and space, elimination of some points after quality control and conversion to a standard format. The final result is a merged table designed for validation of satellite-derived ocean-colour products and available in text format. Metadata of each in situ measurement (original source, cruise or experiment, principal investigator) were preserved throughout the work and made available in the final table. Using all the data in a validation exercise increases the number of matchups and enhances the representativeness of different marine regimes. By making available the metadata, it is also possible to analyse each set of data separately. The compiled data are available at doi: 10.1594/PANGAEA.854832 (Valente et al., 2015).

Global interactions between fire and vegetation, human activities and climate

Doutoramento em Engenharia Florestal - Instituto Superior de Agronomia - UL

Towards understanding resprouting at the global scale

Understanding and predicting plant response to disturbance is of paramount importance in our changing world. Resprouting ability is often considered a simple qualitative trait and used in many ecological studies. Our aim is to show some of the complexities of resprouting while highlighting cautions that need be taken in using resprouting ability to predict vegetation responses across disturbance types and biomes. There are marked differences in resprouting depending on the disturbance type, and fire is often the most severe disturbance because it includes both defoliation and lethal temperatures. In the Mediterranean biome, there are differences in functional strategies to cope with water deficit between resprouters (dehydration avoiders) and nonresprouters (dehydration tolerators); however, there is little research to unambiguously extrapolate these results to other biomes. Furthermore, predictions of vegetation responses to changes in disturbance regimes require consideration not only of resprouting, but also other relevant traits (e.g. seeding, bark thickness) and the different correlations among traits observed in different biomes; models lacking these details would behave poorly at the global scale. Overall, the lessons learned from a given disturbance regime and biome (e.g. crown-fire Mediterranean ecosystems) can guide research in other ecosystems but should not be extrapolated at the global scale.

Modeling spectral changes in singing voice for pitch modification

We present an advanced method to achieve natural modifications when applying a pitch shifting process to singing voice by modifying the spectral envelope of the audio ex- cerpt. To this end, an all-pole spectral envelope model has been selected to describe the global variations of the spectral envelope with the changes of the pitch. We performed a pitch shifting process of some sustained vowels with the envelope processing and without it, and compared both by means of a survey open to volunteers in our website.

Participation of portuguese manufacturing industry in global value chains

Portugal’s manufacturing sector has a significant importance both in national income and employment. As has been pointed out by several researchers, the traditional methods of analysis fail to grasp all the dimensions of economic competitiveness. This dissertation is then, at its core, an analysis of Portugal’s manufacturing industry in terms of the latter’s value added to production and impact to employment under the framework of global value chains. The current dissertation seeks to study in which way the Portuguese manufacturing industry, and its respective sectors, has a direct and indirect impact on the creation of value added and employment and how this impact can be measured. For development of this work the input-output approach for calculation of multipliers and the new framework proposed by Timmer et al. (2013) for calculation of GVC income and GVC jobs indicators were used, elaborated on the basis of the WIOD project dataset. Moreover, to illustrate the application of the provided methodology the Portuguese textile industry was used as an example. It was found that the changes in final demand of such sectors as Pulp, Paper, Printing and Publishing; Machinery, Nec and Textiles and Textile Products would have a larger impact on generated value added than other manufacturing sectors. At the same time, employment created by the changes in final demand would be more impacted by such sectors as Food, Beverages and Tobacco; Wood and Products of Wood and Cork and Textiles and Textile Products. In this regard, the number of low-skilled workers in Portugal seems to be more effected by changes in final demand, than those occupied by higher -skilled individuals. Moreover, it was found that the distribution of GVC income and GVC jobs for the Portuguese manufacturing industry shares a similar outlook. However, upon closer inspection of GVC labour distribution by skill levels there seems to exist a general progression in which low-skilled jobs requirements are met by local resources, while the need for higher skilled jobs require a greater “off-shoring” of work The results obtained through calculations of presented multipliers provide a powerful tool for policy makers in strategic planning of development of national economy. Using the provided methodology and obtained results, a government and supranational organizations could define which industry would have the greatest impact for an additional unit of output generated through the economy, and thus define the sectors for further investments.