Aplicación de la teoría de carteras con activos numismáticos y metales preciosos

[ES] El objetivo del trabajo es la construcción de diferentes carteras compuestas por activos numismáticos de oro y metales nobles (oro, plata, platino, paladio y rodio); con el fin de construir aquella cartera que mejor se adapte al inversor, acorde a su perfil y conocer cuál es la Cartera del Mercado. Para ello, mediante la Teoría de Carteras (Markowitz, 1952; 1959), construiremos la Frontera Eficiente y trazaremos la Línea del Mercado de Capitales o CML.

How far from Jerusalem? Tropical customs and the question of race in the Book of John Mandeville

The Book of John Mandeville, while ostensibly a pilgrimage guide documenting an English knight’s journey into the East, is an ideal text in which to study the developing concept of race in the European Middle Ages. The Mandeville-author’s sense of place and morality are inextricably linked to each other: Jerusalem is the center of his world, which necessarily forces Africa and Asia to occupy the spiritual periphery. Most inhabitants of Mandeville’s landscapes are not monsters in the physical sense, but at once startlingly human and irreconcilably alien in their customs. Their religious heresies, disordered sexual appetites, and monstrous acts of cannibalism label them as fallen state of the European Christian self. Mandeville’s monstrosities lie not in the fantastical, but the disturbingly familiar, coupling recognizable humans with a miscarriage of natural law. In using real people to illustrate the moral degeneracy of the tropics, Mandeville’s ethnography helps shed light on the missing link between medieval monsters and modern race theory.

Distributed Optimal Control of Cyber-Physical Systems: Controller Synthesis, Architecture Design and System Identification

The centralized paradigm of a single controller and a single plant upon which modern control theory is built is no longer applicable to modern cyber-physical systems of interest, such as the power-grid, software defined networks or automated highways systems, as these are all large-scale and spatially distributed. Both the scale and the distributed nature of these systems has motivated the decentralization of control schemes into local sub-controllers that measure, exchange and act on locally available subsets of the globally available system information. This decentralization of control logic leads to different decision makers acting on asymmetric information sets, introduces the need for coordination between them, and perhaps not surprisingly makes the resulting optimal control problem much harder to solve. In fact, shortly after such questions were posed, it was realized that seemingly simple decentralized optimal control problems are computationally intractable to solve, with the Wistenhausen counterexample being a famous instance of this phenomenon. Spurred on by this perhaps discouraging result, a concerted 40 year effort to identify tractable classes of distributed optimal control problems culminated in the notion of quadratic invariance, which loosely states that if sub-controllers can exchange information with each other at least as quickly as the effect of their control actions propagates through the plant, then the resulting distributed optimal control problem admits a convex formulation.

The identification of quadratic invariance as an appropriate means of "convexifying" distributed optimal control problems led to a renewed enthusiasm in the controller synthesis community, resulting in a rich set of results over the past decade. The contributions of this thesis can be seen as being a part of this broader family of results, with a particular focus on closing the gap between theory and practice by relaxing or removing assumptions made in the traditional distributed optimal control framework. Our contributions are to the foundational theory of distributed optimal control, and fall under three broad categories, namely controller synthesis, architecture design and system identification.

We begin by providing two novel controller synthesis algorithms. The first is a solution to the distributed H-infinity optimal control problem subject to delay constraints, and provides the only known exact characterization of delay-constrained distributed controllers satisfying an H-infinity norm bound. The second is an explicit dynamic programming solution to a two player LQR state-feedback problem with varying delays. Accommodating varying delays represents an important first step in combining distributed optimal control theory with the area of Networked Control Systems that considers lossy channels in the feedback loop. Our next set of results are concerned with controller architecture design. When designing controllers for large-scale systems, the architectural aspects of the controller such as the placement of actuators, sensors, and the communication links between them can no longer be taken as given -- indeed the task of designing this architecture is now as important as the design of the control laws themselves. To address this task, we formulate the Regularization for Design (RFD) framework, which is a unifying computationally tractable approach, based on the model matching framework and atomic norm regularization, for the simultaneous co-design of a structured optimal controller and the architecture needed to implement it. Our final result is a contribution to distributed system identification. Traditional system identification techniques such as subspace identification are not computationally scalable, and destroy rather than leverage any a priori information about the system's interconnection structure. We argue that in the context of system identification, an essential building block of any scalable algorithm is the ability to estimate local dynamics within a large interconnected system. To that end we propose a promising heuristic for identifying the dynamics of a subsystem that is still connected to a large system. We exploit the fact that the transfer function of the local dynamics is low-order, but full-rank, while the transfer function of the global dynamics is high-order, but low-rank, to formulate this separation task as a nuclear norm minimization problem. Finally, we conclude with a brief discussion of future research directions, with a particular emphasis on how to incorporate the results of this thesis, and those of optimal control theory in general, into a broader theory of dynamics, control and optimization in layered architectures.

Fiscal Integration in the European Union : assessment of different proposals

This paper explores the fiscal situation of the European Union as well as the different approaches proposed for achieving fiscal policy coordination among the member states. Furthermore, it works through the need of fiscal integration as a pressing matter in order for the European Union to achieve its aim of functioning as an efficient single market and economic unit. In order to do so, it analyzes the theoretical lines of the Modern Money Theory as a possible framework for further integration, and it evaluates the different proposals made for fiscal integration so that it can give an assessment regarding their compatibility with this theory.

Em busca de um índice alternativo à relação Book to Market para a construção de carteiras mais rentáveis

Muitos estudos buscam tentar prever o retorno potencial sobre portfólios de ações, com intuito de obter melhor rentabilidade sobre o capital aplicado. Diversas modelagens já foram utilizadas, sendo que as mais conhecidas são as que relacionam o risco com o retorno. Nesta linha destacam-se a Teoria de Carteiras proposta por Markowitz, e o CAPM de Sharpe. Através destas teorias entende-se a questão da influência da covariância dos retornos e que para um melhor desempenho de uma carteira, não é suficiente avaliar cada ativo individualmente. Por outro lado, diversas críticas em relação ao CAPM, vêm ensejando estudos complementares na busca de outras variáveis que melhorem os métodos de seleção de ativos. Fama e French (1993) fizeram um estudo com variáveis complementares em relação ao beta do CAPM, utilizando o tamanho e a relação Book to Market, conseguindo resultados melhores que o CAPM tradicional. O presente estudo leva em conta a questão do reinvestimento do lucro gerado e utilizando o modelo de Gordon propõe uma variável de classificação de empresas de crescimento e empresas valor, conceito já utilizado na literatura de finanças.Com base nesta variável montam-se carteiras de ações entre os anos de 2005 e 2012 e observa-se que é possível obter ganhos com a lógica proposta. Ao longo do período seria possível obter com as carteiras selecionadas ganhos de até 107,85% contra os retornos de 55,58% das carteiras com todos os ativos. Organizamos os mesmos ativos pela ótica da relação Book to Market as quais obtiveram retorno total do período de 90,42%. Apesar de notar uma mudança clara de comportamento, onde apenas nos quatro primeiros anos do estudo as carteiras com empresas value são superiores e nos quatro últimos períodos as carteiras de empresas growth são as melhores. Estes resultados são compatíveis com os resultados de Braga e Leal (2000), e Mescolin, Martinelli Braga e da Costa Jr. (1997), verificando um melhor desempenho para as empresas value.

水-盐-气天然流体的物理化学性质模拟与流体包裹体应用研究

Natural fluids with water-salt-gas are often found in every sphere of the Earth, whose physicochemical properties and geochemical behaviors are complicated. To study these properties and behaviors turns out to be one of the challenging issues in geosciences. Traditional approaches mainly depend on experiments and observations. However, it is impossible to obtain a large number of data covering a large T-P space of the Earth by experimental methods in the near future, which will hinder the advance of the theoretical study. Therefore, it is important to model natural fluids by advanced theoretical methods, by which limited experimental data can be extended to a large temperature-pressure-composition space. Physicochemical models developed in this dissertation are not only more accurate, but also extend the applied T-P-m region of the experimental data of the multi-fluid systems by about two times. These models provide the new and accurate theoretical tools for the geochemical research, especially for the water-rock interactions and the study of the fluid inclusions. The main achievements can be summarized as follows: (1) A solubility model on components of natural gases is presented. The solubility model on the systems of CH4-H2O-NaCl, C2H6-H2O-NaCl or N2-H2O-NaCl takes advantage of modern physicochemical theory and methods, and is an improvement over previous models whose prediction and precision are relatively poor. The model can predict not only the gas solubility in liquid phase but also water content in the gas phase. In addition, it can predict gases (methane or nitrogen) solubility in seawater and brine. Isochores can be determined, which are very important in the interpretation of fluid inclusions. (2) A density model on common aqueous salt solutions is developed. The density models with high precision for common aqueous salt solutions (H2O-NaCl, H2O-LiCl, H2O-KCl, H2O-MgCl2, H2O-CaCl2, H2O-SrCl2 or H2O-BaCl2) are absent in the past. Previous density models are limited to the relatively small range of experimental data, and cannot meet the requirement of the study of natural fluids. So a general density model of the above systems is presented by us based on the international standard density model of the water. The model exceeds the other models in both precision and prediction. (3) A viscosity model on common aqueous alkali-chloride solutions is proposed. Dynamic viscosity of water-salt systems, an important physics variable, is widely used in three-dimension simulation of the fluids. But in most cases, due to the lack of viscosity models with a wide T-P range, the viscosity of aqueous salt solutions is replaced by that of the water, giving rise to a relatively large uncertainty. A viscosity model with good prediction for the systems (H2O-NaCl, H2O-LiCl or H2O-KCl) is presented on the base of the international standard viscosity model of water and the density model developed before. (4) Equation of State applied in fluid inclusions. The best Equations of State in the world developed by others or us recently are applied in the study of the fluid inclusions. Phase equilibria and isochores of unitary system (e.g. H2O, CO2, CH4, O2, N2, C2H6 or H2S), binary H2O-NaCl system and ternary H2O-CH4-NaCl system are finished. From these programs and thermodynamic equations of coexisting ores, the physicochemical conditions before or after the deposits form can be determined. To some extent, it is a better tool.

个体人格类型与气味偏好的关系

So far the studies on personality are based on indirect way due to the complexity and limitation. Present research attempt to find another route to approach personality through olfaction. The framework of present research is on account of a modern personality theory model produced by the British psychologist Eysenck. The aim of present research is to prove a correlation between olfaction and personality because sensation and perception of the olfaction on special part of brain closely related to emotional arousal. This research was carefully designed and performed by both psychological questionnaire and olfaction examination. The results indicated some good correlation between smell sense and personal character, which can by applied into personality and behavior analysis.

Recovering a lost inheritance : The marital economy and its absence from the Prehistory of Economics in Britain

Roberts, Michael. 'Recovering a lost inheritance: the marital economy and its absence from the Prehistory of Economics in Britain', in: 'The Marital Economy in Scandinavia and Britain 1400-1900', (Eds) Argen, Maria., Erickson, Amy Louise., Farnham: Ashgate, 2005, pp.239-256 RAE2008

Riscos e incerteza das fontes renováveis na produção de energia elétrica

Dissertação para a obtenção do grau de Mestre em Engenharia Electrotécnica Ramo de Energia

Consumer satisfaction with water, wastewater and waste services in Portugal

While the concept of consumer satisfaction is a central topic in modern marketing theory and practice, citizens' satisfaction with public services, and especially water and waste services, is a eld that still remains empirically rather unexplored. The following study aims to contribute to this area by analysing the determinants of user satisfaction in the water, wastewater and waste sector in Portugal, using a unique survey of 1070 consumers undertaken by the Portuguese Water and Waste Regulator ERSAR. I perform an analysis of the relation between overall service satisfaction and attributespeci c service satisfaction with an ordered logit model. I then explore if subjective consumer satisfaction can be re ected by ERSAR's technical performance indicators. The results suggest that overall consumer satisfaction is driven by consumer's satisfaction with speci c service aspects but unrelated to socioeconomic and demographic characteristics. Furthermore, I show that there is no monotonic association between ERSAR's technical performance indicators and consumers' levels of satisfaction.

In Search of the Origins of Modernism: Venice and the Crisis of Classical Architecture in the mid-eighteenth century

This paper attempts to prove that in the years 1735 to 1755 Venice was the birthplace and cradle of Modern architectural theory, generating a major crisis in classical architecture traditionally based on the Vitruvian assumption that it imitates early wooden structures in stone or in marble. According to its rationalist critics such as the Venetian Observant Franciscan friar and architectural theorist Carlo Lodoli (1690-1761) and his nineteenth-century followers, classical architecture is singularly deceptive and not true to the nature of materials, in other words, dishonest and fallacious. This questioning did not emanate from practising architects, but from Lodoli himself– a philosopher and educator of the Venetian patriciate – who had not been trained as an architect. The roots of this crisis lay in a new approach to architecture stemming from the new rationalist philosophy of the Enlightenment age with its emphasis on reason and universal criticism.

The Informational Complexity of Learning from Examples

This thesis attempts to quantify the amount of information needed to learn certain tasks. The tasks chosen vary from learning functions in a Sobolev space using radial basis function networks to learning grammars in the principles and parameters framework of modern linguistic theory. These problems are analyzed from the perspective of computational learning theory and certain unifying perspectives emerge.

The moral background of the political philosophers –The Nozick case–

 On the assumption that any complex Modern Political Theory involves a decision about human rights, this article considers a possible assessment of the broader aspects of the conception of the State in the work of Nozick. Based on one critical point of view originally formulated by H.L.A. Hart, it defends the claim that the libertarian conception is untenable in moral terms. 

Procedimiento estratégico de gestión de inversiones para personas naturales en el mercado bursátil colombiano

El mundo de las finanzas se encuentra dividido por gestión financiera, economía financiera, inversiones, finanzas personales y finanzas públicas. Aunque los temas que se estudiaran con mayor profundidad serán; gestión financiera, economías financieras e inversiones (Brigham, 2009). Partiendo de lo anterior, a lo largo de este documento se hará una relación entre la gestión de inversiones y la estrategia empresarial teniendo en cuenta que el objetivo final es desarrollar una metodología útil que desde la estrategia sirva como guía para la conformación de portafolios en activos que cotizan en la Bolsa de Valores de Colombia teniendo en cuenta los tres perfiles de riesgo (Amante, Moderado, Adverso al riesgo) y que además en el proceso de toma de decisiones de inversión funcione como herramienta para mejorar las posibilidades en la toma de decisiones de inversión para personas naturales en su rol como inversionistas.

Better cross hedges with composite hedging? Hedging equity portfolios using financial and commodity futures

Unless a direct hedge is available, cross hedging must be used. In such circumstances portfolio theory implies that a composite hedge (the use of two or more hedging instruments to hedge a single spot position) will be beneficial. The study and use of composite hedging has been neglected; possibly because it requires the estimation of two or more hedge ratios. This paper demonstrates a statistically significant increase in out-of-sample effectiveness from the composite hedging of the Amex Oil Index using S&P500 and New York Mercantile Exchange crude oil futures. This conclusion is robust to the technique used to estimate the hedge ratios, and to allowance for transactions costs, dividends and the maturity of the futures contracts.