Which Union for Europe’s Capital Markets? ECMI Policy Brief No. 22, 13 February 2015

The call for a Capital Markets Union has been a useful device to raise awareness about the need for more integration in Europe's capital markets. Despite years of harmonising regulation and a single currency, Europe’s capital markets remain fragmented. This Policy Brief calls for targeted measures to overcome fragmentation, through enhanced enforcement, strengthening of the European supervisory authorities, enhanced disclosure and comparability of financial information and the mobilisation savings in EU-wide investment funds.

Do socially responsible fund managers really invest differently?

To date, research into socially responsible investment (SRI), and in particular the socially responsible investment funds industry, has focused on whether investing in SRI assets has any differential impact on investor returns. Prior findings generally suggest that, on a risk-adjusted basis, there is no difference in performance between SRI and conventional funds. This result has led to questions about whether SRI funds are really any different from conventional funds. This paper examines whether the portfolio allocation across industry sectors and the stock-picking ability of SRI managers are different when compared to conventional fund managers. The study finds that SRI funds exhibit different industry betas consistent with different portfolio positions, but that these differences vary from year to year. It is also found that there is little difference in stock-picking ability between the two groups of fund managers.

The impact of regulation and ownership structure on market orientation in the tourism industry in China

The nature of market orientation and its impact on business performance and other related outcomes have been extensively researched in a range of service contexts including tourism. In contrast, our understanding of the factors that influence market orientation is still limited. This paper reports on a study that contributes to our understanding of the determinants of market orientation within the tourism sector by focusing specifically on the role played by two strategically important variables, namely government regulation and ownership structure. The study analyses two national samples of hotels and travel services in the rapidly growing tourism industry in China. The hotel sector has been open to foreign investment for two decades and has a diversified ownership structure, whereas the travel services sector has been dominated by government owned firms and relatively closed to foreign investment. The results of the survey suggest that of the two new antecedents, only government regulation has a significant role to play in driving market orientation. Internally, access to appropriate managerial and marketing capabilities was identified as a significant predictor of the development of market orientation.

On the impossibility of fair risk allocation

Measuring and allocating risk properly are crucial for performance evaluation and internal capital allocation of portfolios held by banks, insurance companies, investment funds and other entities subject to financial risk. We show that by using a coherent measure of risk it is impossible to allocate risk satisfying the natural requirements of (Solution) Core Compatibility, Equal Treatment Property and Strong Monotonicity. To obtain the result we characterize the Shapley value on the class of totally balanced games and also on the class of exact games.

Tőkeallokáció nem likvid portfóliók esetén (Risk capital allocation in case of illiquid portfolios)

A kockázat jó mérése és elosztása elengedhetetlen a bankok, biztosítók, befektetési alapok és egyéb pénzügyi vállalkozások belső tőkeallokációjához vagy teljesítményértékeléséhez. A cikkben bemutatjuk, hogy a koherens kockázati mértékek axiómáit nem likvid portfóliók esetén is el lehet várni. Így mérve a kockázatot, ismertetünk a kockázatelosztásra vonatkozó két kooperatív játékelméleti cikket. Az első optimista, eszerint mindig létezik stabil, az alegységek minden koalíciója által elfogadható, általános módszer a kockázat (tőke) elosztására. A második cikk pesszimista, mert azt mondja ki, hogy ha a stabilitás mellett igazságosak is szeretnénk lenni, akkor egy lehetetlenségi tételbe ütközünk. / === / Measuring and allocating risk properly are crucial for performance evaluation and internal capital allocation of portfolios held by banks, insurance companies, investment funds and other entities subject to fi nancial risk. We argue that the axioms of coherent measures of risk are valid for illiquid portfolios as well. Then, we present the results of two papers on allocating risk measured by a coherent measure of risk. Assume a bank has some divisions. According to the fi rst paper there is always a stable allocation of risk capital, which is not blocked by any coalition of the divisions, that is there is a core compatible allocation rule (we present some examples for risk allocation rules). The second paper considers two more natural requirements, Equal Treatment Property and Strong Monotonicity. Equal Treatment Property makes sure that similar divisions are treated symmetrically, that is if two divisions make the same marginal risk contribution to all the coalition of divisions not containing them, then the rule should allocate them the very same risk capital. Strong Monotonicity requires that if the risk environment changes in such a way that the marginal contribution of a division is not decreasing, then its allocated risk capital should not decrease either. However, if risk is evaluated by any coherent measure of risk, then there is no risk allocation rule satisfying Core Compatibility, Equal Treatment Property and Strong Monotonicity, we encounter an impossibility result.

On the impossibility of fair risk allocation

Measuring and allocating risk properly are crucial for performance evaluation and internal capital allocation of portfolios held by banks, insurance companies, investment funds and other entities subject to financial risk. We show that by using coherent measures of risk it is impossible to allocate risk satisfying simultaneously the natural requirements of Core Compatibility, Equal Treatment Property and Strong Monotonicity. To obtain the result we characterize the Shapley value on the class of totally balanced games and also on the class of exact games.

Repositioning a Multifamily Asset

Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.

Essays in Personal Transportation Demand and Consumer Finance

This dissertation is composed of three essays covering two areas of interest. The first topic is personal transportation demand with a focus on price and fuel efficiency elasticities of mileage demand, challenging assumptions common in the rebound effect literature. The second topic is consumer finance with a focus on small loans. The first chapter creates separate variables for fuel prices during periods of increasing and decreasing prices as well as an observed fuel economy measure to empirically test the equivalence of these elasticities. Using a panel from Germany from 1997 to 2009 I find a fuel economy elasticity of mileage of 53.3%, which is significantly different from the gas price elasticity of mileage during periods of decreasing gas prices, 4.8%. I reject the null hypothesis or price symmetry, with the elasticity of mileage during period of increasing gas prices ranging from 26.2% and 28.9%. The second chapter explores the potential for the rebound effect to vary with income. Panel data from U.S. households from 1997 to 2003 is used to estimate the rebound effect in a median regression. The estimated rebound effect independent of income ranges from 17.8% to 23.6%. An interaction of income and fuel economy is negative and significant, indicating that the rebound effect may be much higher for low income individuals and decreases with income; the rebound effect for low income households ranged from 80.3% to 105.0%, indicating that such households may increase gasoline consumption given an improvement in fuel economy. The final chapter documents the costs of credit instruments found in major mail order catalogs throughout the 20th century. This study constructs a new dataset and finds that the cost of credit increased and became stickier as mail order retailers switched from an installment-style closed-end loan to a revolving-style credit card. This study argues that revolving credit's ability to decrease salience of credit costs in the price of goods is the best explanation for rate stickiness in the mail order industry as well as for the preference of revolving credit among retailers.

Fundos de investimento : um tipo societário autônomo e suas principais características

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação em Direito, 2016.

Anaesthesia and analgesia in laboratory adult zebrafish: A question of refinement

Anaesthesia is used daily in fish experimental procedures; however, the use of an inadequate anaesthetic protocol can compromise not only the animal’s welfare but also the reliability of results. The use of zebrafish (Danio rerio) in biomedical research has increased in the last decades, highlighting the importance of appropriate anaesthetic regimens for this species. This article reviews the main anaesthetic agents and protocols used in laboratory adult zebrafish, and some of the analgesic methods to be used in this species that still need more research. In addition, a systematized observation of signs is proposed to evaluate adult zebrafish welfare to reduce pain and distress.

Adaptation of the ABCDE model from human medicine to communicate bad news to the owner of the oncologic patient in veterinary medicine

Similar to what occurs in Human Medicine, also in Veterinary Medicine, the prevalence of oncological diseases has significantly increased. The evolution of Veterinary Medicine, in last decades has brought changes in clinical paradigms, particularly concerning the relationship with the animal and also with the owner. More than any other specialty, members of the Veterinary Medical Team that work in the oncology field, are unavoidably forced to break bad news. This paper proposes the adaptation of the ABCDE model from Human Medicine to Veterinary Medicine. The adaptation of the ABCDE model for Veterinary Medicine improves communication with the owner and offers all the members of the Veterinary Medical Team better communication skills.

Epizootic and epidemic dermatophytose outbreaks caused byTrichophyton mentagrophytesfrom rabbits in Portugal, 2015

We report an outbreak of dermatophytoses in rabbits, which was the origin of a dermatophytose epidemic in an agricultural school in central Portugal, affecting 15 people. Both the phenotypic characteristics and internal transcribed spacer (ITS) sequence of the dermatophytes isolated from the rabbits and patients were identical, suggesting that a single strain was responsible for both the epizootic and epidemic dermatophytoses and confirming that these two outbreaks were linked. The ITS sequences were also 100% identical to the ITS sequence of five strains isolated from rabbits in Greece and Italy, but different from that of Trichophyton mentagrophytes commonly isolated from dogs and cats. These results suggest that a particular T. mentagrophytes genotype could be prevalent in rabbits in southern Europe.

Interação Médico Veterinário – Enfermeiro Veterinário no exercício da profissão

A procura do Curso de Medicina Veterinária pelas classes jovens prende-se essencialmente com o gosto pela área da saúde e o interesse pelos animais. A inexistência de alternativa à Medicina Veterinária, único Curso no nosso país em 2002, para quem gostasse de tratar e cuidar de animais, num âmbito diferente do da produção, fez com que muitos jovens passassem pela frustração de se dedicarem a outras áreas. Com o objetivo de colmatar essa lacuna do panorama Veterinário nacional, proporcionando aos amantes dos animais uma opção alternativa a quem aspirava poder praticar cuidados de saúde veterinários e não tinha possibilidade de aceder à carreira de Medicina Veterinária, fazia sentido preencher este vazio com a criação de uma nova carreira intermédia, de índole técnico, profissionalizante e superior e, enquanto por todo o país se optava pela criação de mais cursos de Medicina Veterinária, os Politécnicos despertaram para este novo nicho de mercado promissor, inspirados pela Europa, que permitiria a formação de quadros bacharéis, integráveis em equipas Médico-veterinárias e às centenas de profissionais que já exerciam essas funções, por todo o país, sem formação adequada, a oportunidade de dignificação da sua profissão. O Curso de Enfermagem Veterinária foi aprovado em Portugal em 2002/03 para funcionar na Escola Superior Agrária de Elvas e reprovado para funcionar na Escola Superior Agrária de Viseu, no mesmo ano, sendo na altura Ministro da Ciência e Ensino Superior o Doutor Pedro Lynce Faria. Em 2003/04 funcionava o seu primeiro ano na Escola Superior Agrária de Elvas, quando finalmente a Escola Superior Agrária de Viseu também obteve a aprovação para a proposta enviada no ano anterior, colocando o curso em funcionamento um ano mais tarde (2004/05). Posteriormente, viria a entrar em funcionamento nas Escolas Superiores Agrárias de Bragança (Tecnologia Veterinária 2005/06; Enfermagem Veterinária 2010/11), Castelo Branco (2006/07) e Ponte de Lima (2006/07). Até então cabia exclusivamente ao Médico Veterinário uma grande diversidade de funções, que incluíam o atendimento ao público, a receção dos animais e seus proprietários, a procura e preenchimento de fichas clínicas, a contenção e pesagem, o cálculo e administração de dosagens terapêuticas, a monitorização anestésica, a preparação e disposição de material cirúrgico, a preparação dos animais para cirurgia e a colheita de amostras. Quando não podia realizar todas estas funções, recorria a pessoal não especializado que o próprio tinha que formar e preparar, despendendo tempo e recursos, em detrimento do atendimento e prestação de serviços Médico-Veterinários mais especializados. A nível Europeu o Curso de Enfermagem Veterinária foi contemplado no tratado de Bolonha e a nível internacional, vários países consideravam, desde há muito, que a Enfermagem Veterinária, a par com os colégios de especialidade, seriam a chave para o desenvolvimento da boa prática dos cuidados veterinários e para a evolução da Medicina Veterinária, permitindo ao Médico Veterinário uma dedicação maior à clínica da especialidade, concentrando-se exclusivamente no diagnóstico, tratamento e na cirurgia em si. A 11 de Outubro de 2012, a Enfermagem Veterinária no Reino Unido fazia 50 anos, celebrados com pompa e circunstância na Casa dos Comuns, enquanto em Portugal, esta jovem profissão, a dar os seus primeiros passos, era vista como uma ameaça por muitos, incluindo Médicos Veterinários, Ordem dos Enfermeiros, entre outros, e nem sequer era ainda reconhecida nos Centros de Emprego. Contudo, foi o advento desta nova profissão que levou ao surgimento da equipa Médico-veterinária que pressupõe a existência de vários profissionais, com competências distintas mas que devem interagir em prol do objetivo comum da prestação de cuidados especializados de saúde e de bem-estar ao paciente animal. Em 2014, o curso de Enfermagem Veterinária da Escola Superior Agrária de Viseu obteve a acreditação europeia pela ACOVENE e Portugal junta-se assim à Bélgica, Holanda, Itália, Noruega e Reino Unido, os países onde são atualmente acreditados cursos de Enfermagem Veterinária pela ACOVENE.

First evidence of Schmallenberg virus introduction in Portugal, 2014

Objectives: Serra da Estrela native (SEN) breed of sheep is one of the most important in Portugal, standing responsible for the production of one of the most internationally recognized cheeses in the world, "Queijo Serra da Estrela” (protected designation of origin). One of the major risks to the sustainability of SEN dairy flocks if footrot, an infectious diseases that causes lameness, decrease in milk production, weight loss and decrease in fertility. The aim of this work was to determine which parameters become decisive for the appearance of footrot in SEN dairy flocks, while establishing associations with environmental and nutritional variables. Materials and Methods: The present study was carried out by performing an especially designed 27 multiple choice questionnaire, based on the underlying causes of lameness in livestock and in the clinical diagnosis performed by the vet techinichian of the clinical cases evaluated at the moment of the inquiry. The survey was performed during the execution of the oficial veterinary health program between February and September of 2014 by a veterinarian team from the Association of SEN Sheep Breeders (ANCOSE). The ovine producers (N=30, with a total of 1270 animals) were randomly selected from the extense area of production of “Queijo Serra da Estrela”. The parameters evaluated in the study were: season and consequent weather changes during the period of the study, floor types, hygiene conditions, bed types, the existence and use of footbaths, location of footbaths, foot trimming and foot hygiene procedures. After the construction of the database and using the Statistical Package for Social Sciences version 16.0 the frequency response for each item was calculated. Results: All SEN livestock producers are proactive in the treatment of lameness (70%). About 99.7% of lameness was related with footroot and most appeared in winter (36.7%). In some occasions there was not a specific season distribution (56.7% rainiest years). From the analyzed farms, 70% use straw as a floor bed, followed by bush (21%). 45.6% of animals were clinically diagnosed with footrot and were sheltered in straw floor. Bed quality is good in 40%, however frequent changes in the floor bed in the preceding 15 days had a higher rate of footroot diagnosed cases (33,23%) compared to monthly changes. Regarding sheepfold animal number, the distribution is proper in 36.7%, elevated in 30%, overcrowded in 6.7% and low in 23.3%. Clinically ill diagnosed animals in last category were the lowest observed (3%). Concerning hoof trimming, 76.7% trims while 23.3% reported not to perform that task. From those that perform trimming, 73.9% do it only when necessary, 21.7% at the time of clipping and 4.4% when the animal is affected. One curious result was that animals who perform trimming at clipping had higher footrot cases (52.6%), unlike those who trim only when necessary (40.2%) or even when animals are clinically ill (0.91%). Mostly all in the presence of footrot choose a local treatment (95.2%) using antibiotic sprays, instead of parenteral antibiotic treatment. Footbath is rarely used in the prevention (13.3%) of this disease and when it is misconceived (25%) and incorrectly formulated (100%). Conclusions: This study was the first performed in Portugal focusing footrot caracterization in native SEN flocks.Economic impact in SEN dairy flocks is atributed to factors such as direct decrease in milk and meat production,early slaughter of affected animals due to non responsive treatment and medical expenses.The most effective eradication method combines first of all the ability to understand the problems of SEN producers and implementation of preventive measures and treatment of footrot.Often linked to lack of formation, the advance age of portuguese producers the mentality and social factors block the advance of veterinarian intervention itself.