Chemoselective cross-coupling Suzuki-Miyaura reaction of (Z)-(2-chlorovinyl)tellurides and potassium aryltrifluoroborate salts

An ultrasound-assisted synthesis of functionalized vinylic chlorides is described by palladium-catalyzed cross-coupling reaction of potassium aryltrifluoroborate salts and (Z)-2-chloro vinylic tellurides. This procedure offers easy access to vinylic chlorides architecture that contains sterically demanding groups in good yields. (C) 2008 Elsevier Ltd. All rights reserved.

Evidence for diffusional coupling in electrochemical thin layers: implications for surface coverage calibration via electrochemical infrared spectroscopy

The time dependence of the concentration of CO2 in an electrochemical thin layer cavity is studied with Fourier transform infrared spectroscopy (FTIR) in order to evaluate the extent to which the thin layer cavity is diffusionally decoupled from the surrounding bulk electrolyte. For the model system of CO on Pt(111) in 0.1 M HClO4, it is found that the concentration of CO2, formed by electro-oxidation of CO, equilibrates rapidly with the surrounding bulk electrolyte. This rapid equilibration indicates that there is diffusion out of the thin layer, even on the short time scales of typical infrared experiments (1-3 min). However, since the measured CO2 absorbance intensity as a function of time is reproducible to within 10%, a new time-dependent method for surface coverage calibration using solution-phase species is proposed.

Performance Evaluation of Different PV-Array Configurations under Weak Light Conditions and Partial Shadings

The paper analyses empirical performance data of five commercial PV-plants in Germany. The purpose was on one side to investigate the weak light performance of the different PV-modules used. On the other hand it was to quantify and compare the shading losses of different PV-array configurations. The importance of this study relies on the fact that even if the behavior under weak light conditions or the shading losses might seem to be a relatively small percentage of the total yearly output; in projects where a performance guarantee is given, these variation can make the difference between meeting or not the conditions.When analyzing the data, a high dispersion was found. To reduce the optical losses and spectral effects, a series of data filters were applied based on the angle of incidence and absolute Air Mass. To compensate for the temperature effects and translate the values to STC (25°C), five different methods were assessed. At the end, the Procedure 2 of IEC 60891 was selected due to its relative simplicity, usage of mostly standard parameters found in datasheets, good accuracy even with missing values, and its potential to improve the results when the complete set of inputs is available.After analyzing the data, the weak light performance of the modules did not show a clear superiority of a certain technology or technology group over the others. Moreover, the uncertainties in the measurements restrictive the conclusiveness of the results.In the partial shading analysis, the landscape mounting of mc-Si PV-modules in free-field showed a significantly better performance than the portrait one. The cross-table string using CIGS modules did not proved the benefits expected and performed actually poorer than a regular one-string-per-table layout. Parallel substrings with CdTe showed a proper functioning and relatively low losses. Among the two product generations of CdTe analyzed, none showed a significantly better performance under partial shadings.

COMPARISON OF PARTIAL SHADING LOSSES IN FREE FIELD PV-PLANTS WITH DIFFERENT ARRAY CONFIGURATIONS

A common problem when planning large free field PV-plants is optimizing the ground occupation ratio while maintaining low shading losses. Due to the complexity of this task, several PV-plants have been built using various configurations. In order to compare the shading losses of different PV technologies and array designs, empirical performance data of five free field PV-plants operating in Germany was analyzed. The data collected comprised 140 winter days from October 2011 until March 2012. The relative shading losses were estimated by comparing the energy output of selected arrays in the front rows (shading-free) against that of shaded arrays in the back rows of the same plant. The results showed that landscape mounting with mc-Si PV-modules yielded significantly better results than portrait one. With CIGS modules, making cross-table strings using the lower modules was not beneficial as expected and had more losses than a one-string-per-table layout. Parallel substrings with CdTe showed relatively low losses. Among the two CdTe products analyzed, none showed a significantly better performance.

Models of Community Investment and Partnership Strategies and Processes for Ensuring Mutual Benefit between Institution and Community

Institutions continue to face increasing pressure from faculty, students, and other concerned constituents to divest endowment holdings from perceived social injustices. In this report, investment officers and advisory committee members offer insight into institutional practices used to respond to these concerns through the adoption of socially responsible investment policies and other socially responsible investment options. Contacts offer recommendations on balancing the administration’s fiduciary responsibility to ensure maximum endowment returns with the social concerns of institutional constituents.

Mixed-signal analog-digital circuits design on the pre-diffused digital array using trapezoidal association of transistors

The mixed-signal and analog design on a pre-diffused array is a challenging task, given that the digital array is a linear matrix arrangement of minimum-length transistors. To surmount this drawback a specific discipline for designing analog circuits over such array is required. An important novel technique proposed is the use of TAT (Trapezoidal Associations of Transistors) composite transistors on the semi-custom Sea-Of-Transistors (SOT) array. The analysis and advantages of TAT arrangement are extensively analyzed and demonstrated, with simulation and measurement comparisons to equivalent single transistors. Basic analog cells were also designed as well in full-custom and TAT versions in 1.0mm and 0.5mm digital CMOS technologies. Most of the circuits were prototyped in full-custom and TAT-based on pre-diffused SOT arrays. An innovative demonstration of the TAT technique is shown with the design and implementation of a mixed-signal analog system, i. e., a fully differential 2nd order Sigma-Delta Analog-to-Digital (A/D) modulator, fabricated in both full-custom and SOT array methodologies in 0.5mm CMOS technology from MOSIS foundry. Three test-chips were designed and fabricated in 0.5mm. Two of them are IC chips containing the full-custom and SOT array versions of a 2nd-Order Sigma-Delta A/D modulator. The third IC contains a transistors-structure (TAT and single) and analog cells placed side-by-side, block components (Comparator and Folded-cascode OTA) of the Sigma-Delta modulator.

Improving mutual fund market timing measures: a markov switching approach

Market timing performance of mutual funds is usually evaluated with linear models with dummy variables which allow for the beta coefficient of CAPM to vary across two regimes: bullish and bearish market excess returns. Managers, however, use their predictions of the state of nature to deÞne whether to carry low or high beta portfolios instead of the observed ones. Our approach here is to take this into account and model market timing as a switching regime in a way similar to Hamilton s Markov-switching GNP model. We then build a measure of market timing success and apply it to simulated and real world data.

The EU-Mercosul free trade agreement: Quantifying mutual gains

We identify trade in goods opportunities in a EU-Mercosul free trade area. Gains for Mercosul are rather concentrated, being mostly associated to a few agricultural commodities nowadays facing high protection barriers. EU gains are evenly spread, comprising a variety of market penetration possibilities. Trade deviation by the EU products is never higher than trade creation, confirming their international competitiveness and signalling that a great distortion of Mercosul’s imports won’t take place. Balanced gains exist for both sides; for Mercosul, the agreement can act as a first serious trial for future liberalisations with other developed partners, and as a warning on needed competitiveness improvements.

Brazil and the USA: rethinking the future of ethanol for stronger mutual wns

A produção de etanol e a dominação da indústria, historicamente, tem sido uma fonte de discórdia para seus dois principais produtores. Os EUA com seu etanol de milho e o Brasil com sua etanol de cana, são os dois maiores produtores mundiais de etanol (1º EUA; 2º Brasil) e tem competido pela participação de mercado mundial há décadas. A partir de Dezembro de 2011, os EUA levantaram as tarifas e os subsídios que foram instalados para proteger sua indústria de etanol, o que muda o campo de jogo da produção mundial de etanol para o futuro. Atualmente em todo o mundo, o etanol é usado em uma proporção muito menor comparativamente a outros combustíveis. Esta pesquisa analisa o nível potencial de colaboração entre os EUA e o Brasil, facilitando um diálogo entre os stakeholders em etanol. A pesquisa consiste principalmente de conversas e entrevistas, com base em um conjunto de perguntas destinadas a inspirar conversas detalhadas e expansivas sobre os temas de relações Brasil-EUA e etanol. Esta pesquisa mostra que o etanol celulósico, que é também conhecido como etanol de segunda geração, oferece mais oportunidades de parceria entre os EUA e o Brasil, como há mais oportunidades para pesquisa e desenvolvimento em conjunto e transferência de tecnologia nesta área. Enquanto o etanol de cana no Brasil ainda é uma indústria próspera e crescente, o milho e a cana são muito diferentes geneticamente para aplicar as mesmas inovações exatas de um etanol de primeira geração, por outro. As semelhanças entre os processos de fermentação e destilação entre as matérias-primas utilizadas nos EUA e no Brasil para o etanol de segunda geração torna o investimento conjunto nesta área mais sensível. De segunda geração é uma resposta para a questão "alimentos versus combustíveis". Esta pesquisa aplica o modelo de co-opetição como um quadro de parceria entre os EUA e o Brasil em etanol celulósico. A pesquisa mostra que enquanto o etanol pode não ser um forte concorrente com o petróleo no futuro imediato, ele tem melhores perspectivas de ser desenvolvido como um complemento ao petróleo, em vez de um substituto. Como os EUA e o Brasil tem culturas de misturar etanol com petróleo, algo da estrutura para isso já está em vigor, a relação de complementaridade seria fortalecido através de uma política de governo clara e de longo prazo. A pesquisa sugere que apenas através desta colaboração, com toda a partilha de conhecimentos técnicos e estratégias econômicas e de desenvolvimento, o etanol celulósico será um commodity negociado mundialmente e uma alternativa viável a outros combustíveis. As entrevistas com os interessados em que esta pesquisa se baseia foram feitas ao longo de 2012. Como a indústria de etanol é muito dinâmica, certos eventos podem ter ocorrido desde esse tempo para modificar ou melhorar alguns dos argumentos apresentados.

The performance of open-end Brazilian fixed income mutual funds for retail clients

From a financial perspective, this dissertation analyzes the Brazilian mutual fund industry performance for an average retail client. The most representative funds for the local population, that are the fixed income open-end ones, will be selected and their performance will be measured aiming to answer if clients of this industry obtained a proper return over their investments in the period between August 2010 and August 2013. A proper return will be understood as the preservation of the purchasing power of the individual´s savings, what is achieved with a positive performance of a mutual fund after discounting taxes, administrative fees and inflation. After obtaining an answer for the previous question, this dissertation will explore a possible alternative solution: Tesouro Direto, that is an example of a financial approach that could foster the disintermediation between savings and investments through electronic channels. New electronic platforms, with a broader scope, could be utilized to increase the efficiency of funding productive investments through better remunerating Brazilian savings. Tesouro Direto may point towards a new paradigm.

Market coupling in the power markets

The thesis analyses the European Unions’ effort to create an integrated pan-European electricity market based on “market coupling” as the proposed allocation mechanism for interconnector transfer capacity. Thus, the thesis’ main focus is if market coupling leads to a price convergence in interlinked markets and how it affects the behavior of electricity price data. The applied research methods are a qualitative, structured literature review and a quantitative analysis of electricity price data. The quantitative analysis relies on descriptive statistics of absolute price differentials and on a Cointegration analysis according to Engle & Granger (1987)’s two step approach. Main findings are that implicit auction mechanisms such as market coupling are more efficient than explicit auctions. Especially the method of price coupling leads to a price convergence in involved markets, to social welfare gains and reduces market power of producers, as shown on the example of the TLC market coupling. The market coupling initiative between Germany and Denmark, on the other hand, is evaluated as less successful and illustrates the complexity and difficulties of implementing market coupling initiatives. The cointegration analysis shows that the time series were already before the coupling date cointegrated, but the statistical significance increased. The thesis suggests that market coupling leads to a price convergence of involved markets and thus functions as method to create a single, integrated European electricity market.

Market coupling in the power markets

A dissertação analisa o esforço dos sindicatos europeus para criar um mercado pan- europeu de electricidade integrada baseada em "mercados combinados", como o mecanismo de alocação de capacidade de transferência de energia entre diferentes sistemas. Assim, o foco principal do estudo é se a integração do mercado leva a uma convergência de preços nos mercados interligados, e como isso afeta o comportamento dos preços de energia elétrica. Os métodos de investigação são uma revisão bibliográfica estruturada qualitativa e uma análise quantitativa de dados de preços de energia elétrica. A análise quantitativa se baseia em estatísticas descritivas das diferenças de preços absolutos e em uma análise de cointegração de acordo com a abordagem de Engle e Granger (1987). As principais conclusões são que os mecanismos de leilões implícitos, tais como a integração de mercado são mais eficientes que os leilões explícitos. Especialmente, o método de acoplamento de preços leva a uma convergência de preços nos mercados envolvidos, a ganhos de bem-estar social e reduz a o poder dos produtores no mercado, como mostra o exemplo da integração mercado TLC. A iniciativa mercados combinados entre a Alemanha ea Dinamarca, por outro lado, é avaliada como de menor sucesso e ilustra a complexidade e as dificuldades de implementação de iniciativas de integração de mercado. A análise de cointegração mostra que as séries temporais já estavam cointegradas antes da data de integração, mas a significância estatística aumentou. A tese sugere que a integração do mercado leva a uma convergência dos preços dos mercados envolvidos e, portanto, funciona como método para criar um mercado de eletricidade único e integrado na Europa.

Brazilian equity mutual funds: A general outlook based on performance

This dissertation main goal is to overview the Brazilian equity mutual funds returns. We find that active management is not effective for Ibovespa index, since Ibovespa active funds do not outperform the Ibovespa referenced funds. However, for IBrX index, active management do outperform the passive strategy. We found that Sustainable funds returns do not outperform the market, Endowment funds show poor performance, which could indicate strong regulation imposition over endowment funds portfolios. The size of a fund shows positive correlation to mean average returns and alphas. A fund’s lifetime is positively correlated to returns and to alphas, which could be related to more risk-taking by younger managers in order to pursue higher expected returns and, consequently, bigger inflows. Younger funds tend to have lower performance probably because, in taking more risks, they do not perform as expected. In addition, we find that the decreasing trend of the alpha evolution along the time is a sign of the industry decreasing returns of scale, which entails that managers have more difficulties to beat the market portfolio. Top 10s rankings show that funds appear more than once on the top 10s, which shows persistence of funds’ performance. Finally, concerning the deciles and quartiles rankings, the frequency of appearances changes among performance measures. There are measures which, when compared to others, strongly change the top and bottom for the decile and quartile members.