Modelación estocástica y trading algorítmico del spread entre acciones mediante procesos de reversión a la media

Las estrategias de inversión pairs trading se basan en desviaciones del precio entre pares de acciones correlacionadas y han sido ampliamente implementadas por fondos de inversión tomando posiciones largas y cortas en las acciones seleccionadas cuando surgen divergencias y obteniendo utilidad cerrando la posición al converger. Se describe un modelo de reversión a la media para analizar la dinámica que sigue el diferencial del precio entre acciones ordinarias y preferenciales de una misma empresa en el mismo mercado. La media de convergencia en el largo plazo es obtenida con un filtro de media móvil, posteriormente, los parámetros del modelo de reversión a la media se estiman mediante un filtro de Kalman bajo una formulación de estado espacio sobre las series históricas. Se realiza un backtesting a la estrategia de pairs trading algorítmico sobre el modelo propuesto indicando potenciales utilidades en mercados financieros que se observan por fuera del equilibrio. Aplicaciones de los resultados podrían mostrar oportunidades para mejorar el rendimiento de portafolios, corregir errores de valoración y sobrellevar mejor periodos de bajos retornos.

Root phenomics of crops: opportunities and challenges

Reliable techniques for screening large numbers of plants for root traits are still being developed, but include aeroponic, hydroponic and agar plate systems. Coupled with digital cameras and image analysis software, these systems permit the rapid measurement of root numbers, length and diameter in moderate ( typically <1000) numbers of plants. Usually such systems are employed with relatively small seedlings, and information is recorded in 2D. Recent developments in X-ray microtomography have facilitated 3D non-invasive measurement of small root systems grown in solid media, allowing angular distributions to be obtained in addition to numbers and length. However, because of the time taken to scan samples, only a small number can be screened (typically<10 per day, not including analysis time of the large spatial datasets generated) and, depending on sample size, limited resolution may mean that fine roots remain unresolved. Although agar plates allow differences between lines and genotypes to be discerned in young seedlings, the rank order may not be the same when the same materials are grown in solid media. For example, root length of dwarfing wheat ( Triticum aestivum L.) lines grown on agar plates was increased by similar to 40% relative to wild-type and semi-dwarfing lines, but in a sandy loam soil under well watered conditions it was decreased by 24-33%. Such differences in ranking suggest that significant soil environment-genotype interactions are occurring. Developments in instruments and software mean that a combination of high-throughput simple screens and more in-depth examination of root-soil interactions is becoming viable.

The BRICS: some historical experiences, growth challenges and opportunities

The acronym BRICS was a fad among the media and global investors. Now, the acronym sounds passé. However, the group of countries remains important, from both political and economic reasons. They have a large aggregate size, 28% of the global GDP and 42% of the world’s population, high growth potential due to the current significant misallocation of resources and relatively low stock of human capital, structural transformation is in progress and one of them, China, is taking steps to become a global power and a challenger to the US dominance. This paper provides a brief overview of the five economies, Brazil, Russia, India, China and South Africa. We focus on some aspects of their history, the Chinese initiatives in international finance and geopolitical strategic moves, their growth experience and structural transformation over the last 35 years, trade and investment integration into the global economy and among themselves, the growth challenges faced by their economies and the potential gains to the Brazilian economy from a stronger integration with the other BRICS. In association with its efforts to be a global power, China aims to become a major player in global finance and to achieve the status of global currency for the renminbi, which would be the first currency of an emerging economy to attain such position. Despite the similarities, the BRICS encompass very diverse economies. In the recent decades, China and India showed stellar growth rates. On the other hand, Brazil, Russia and South Africa have expanded just in line with global output growth with the Russian economy exhibiting high volatility. China is by far the largest economy, and South Africa the smallest, the only BRICS economy with a GDP lower than US$ 1 trillion. Russia abandoned communism almost 25 years ago, but reversed many of the privatizations of 90’s. China is still ruled by communism, but has a vibrant private sector and recently has officially declared market forces to play a dominant role in its economy. Brazil, Russia and South Africa are global natural resources powerhouses and commodity exporters while China and India are large commodity importers. Brazil is relatively closed to international trade of goods and services, in marked contrast to the other four economies. Brazil, India and South Africa are dependent on external capital flows whereas China and Russia are capital exporters. India and South Africa have younger populations and a large portion living below the poverty line. Despite its extraordinary growth experience that lifted many millions from poverty, China still has 28% of its population classified as poor. Russia and China have much older populations and one of their challenges is to deal with the effects of a declining labor force in the near future. India, China and South Africa face a long way to urbanization, while Brazil and Russia are already urbanized countries. China is an industrial economy but its primary sector still absorbs a large pool of workers. India is not, but the primary sector employs also a large share of the labor force. China’s aggregate demand structure is biased towards investment that has been driving its expansion. Brazil and South Africa have an aggregate demand structure similar to the developed economies, with private consumption accounting for approximately 70%. The same similarity applies to the supply side, as in both economies the share of services nears 70%. The development problem is a productivity problem, so microeconomic reforms are badly needed to foster long-term growth of the BRICS economies since they have lost steam due a variety of factors, but fundamentally due to slower total factor productivity growth. China and India are implementing ambitious reform programs, while Brazil is dealing with macroeconomic disequilibria. Russia and South Africa remain mute about structural reforms. There are some potential benefits to Brazil to be extracted from a greater economic integration with the BRICS, particularly in natural resources intensive industries and services. Necessary conditions to the materialization of those gains are the removal of the several sources of resource misallocation and strong investment in human capital.

Media Education and Brazilian Educational Policies for the Enhancement of Learning

As media education concepts and practices have been disseminated and strengthened in European countries and Americas, the policies responsible for that expansion remain little known, particularly in countries where the achievements have been recently noted. That is the case for Brazil, where there have been new opportunities for media education, considered as a valuable resource to help accomplish goals of the educational system. This paper looks into the contribution of media education to the enhancement of teaching and learning in the context of innovations brought by recent policies of the Brazilian Ministry of Education. After educational reform programmes which brought the opportunity for emerging fields such as media education, we produced teaching material and conducted a series of workshops with students and teachers from state secondary schools. By reading and producing multimedia information about local public services available to young people, pupils learned about democracy, citizenship, civic engagement, media language, and identity. Lessons from our experiment are discussed against the backdrop of education policies being implemented to ameliorate harsh conditions resulting from the recent economic crisis. We suggest that media education can help by creating a learning environment in which the students become aware of the value of educational attainments.

The critical linkage between online and offline media - An approach to researching the conditions of issue spill-over

In this article we argue that it is pressing to study the “hybrid media system” at the intersection of online and offl ine communication and its potential for agenda building. The topic is relevant because it is argued that the internet off ers new opportunities of public infl uence for challengers without access to political decision making. Except for single case studies, little is known about the conditions under which these actors succeed. Informed by the research on agenda building we tackle with the mechanisms of online-offline media agenda building and the conditions under which challengers succeed to produce issue spill-over into conventional mass media. We develop a theoretical framework for investigating the linkage between online communication and traditional mass media and discuss how our model translates into empirical research. We conclude that the nature of online networks is critical for spill-over, but also the issue itself and the structure of the political system.

An initiative for participatory monitoring of large scale acquisitions: Opportunities and results thus far

Increasing commercial pressures on land are provoking fundamental and far-reaching changes in the relationships between people and land. Much knowledge on land-oriented investments projects currently comes from the media. Although this provides a good starting point, lack of transparency and rapidly changing contexts mean that this is often unreliable. The International Land Coalition, in partnership with Oxfam Novib, Centre de coopération internationale en recherche agronomique pour le développement (CIRAD), University of Pretoria, Centre for Development and Environment of the University of Bern (CDE), and GIZ, started to compile an inventory of land-related investments. This project aims to better understand the extent, trends and impacts of land-related investments by supporting an ongoing and systematic stocktaking exercise of the various investment projects currently taking place worldwide. It involves a large number of organizations and individuals working in areas where land transactions are being made, and able to provide details of such investments. The project monitors land transactions in rural areas that imply a transformation of land use rights from communities and smallholders to commercial use, and are made both by domestic and foreign investors (private actors, governments, government-back private investors). The focus is on investments for food or agrofuel production, timber extraction, carbon trading, mineral extraction, conservation and tourism. A novel way of using ITC to document land acquisitions in a spatially explicit way and by using an approach called “crowdsourcing” is being developed. This approach will allow actors to share information and knowledge directly and at any time on a public platform, where it will be scrutinized in terms of reliability and cross checked with other sources. Up to now, over 1200 deals have been recorded across 96 countries. Details of such transactions have been classified in a matrix and distributed to over 350 contacts worldwide for verification. The verified information has been geo-referenced and represented in two global maps. This is an open database enabling a continued monitoring exercise and the improvement of data accuracy. More information will be released over time. The opportunities arise from overcoming constraints by incomplete information by proposing a new way of collecting, enhancing and sharing information and knowledge in a more democratic and transparent manner. The intention is to develop interactive knowledge platform where any interested person can share and access information on land deals, their link to involved stakeholders, and their embedding into a geographical context. By making use of new ICT technologies that are more and more in the reach of local stakeholders, as well as open access and web-based spatial information systems, it will become possible to create a dynamic database containing spatial explicit data. Feeding in data by a large number of stakeholders, increasingly also by means of new mobile ITC technologies, will open up new opportunities to analyse, monitor and assess highly dynamic trends of land acquisition and rural transformation.

Opportunities and Challenges of Implementing P2P Streaming Applications in the Web

P2P applications are increasingly present on the web. We have identified a gap in current proposals when it comes to the use of traditional P2P overlays for real-time multimedia streaming. We analyze the possibilities and challenges to extend WebRTC in order to implement JavaScript APIs for P2P streaming algorithms.

Knowledge-action integration through the media in indigenous communities in Ecuador

The binomial knowledge/action understood under the biunivocal relationship of both components is the basis of planning from a postmodern approach. Within this binomial, social communication gives appropriate information, nurtures the knowledge that leads to transformative action, promotes participation and enhances the community?s self-esteem and recognition; to deeply reflect on action is a source of new knowledge; and communication fosters the adoption of the new knowledge by the community with new actions that feed the process knowledge/action as a planning source. From this approach the project Radio Message is born as a new communication channel with the aim of offering Andean indigenous communities from the area of Cayambe (Ecuador), a series of multidisciplinary training programs that enable transformative action with a strong effect on the life quality in these communities and their importance as social actors. The contents are designed through participatory communication between the training authorities and the communities themselves, analyzing their opportunities and needs. In this research the impact of social media in the development of more than 100 indigenous communities in Cayambe is analyzed.

An Investigation of Electronic Recruitment in Germany: Toward Efficacy and Opportunities

Globalization and the spread of Information and Communication Technology (ICT), particularly Internet usage, have changed the practice of recruiting employees. The Internet has become an integral part of Human Resource (HR) talent management, and as a result, a majority of business organizations in Germany have adopted an online recruitment initiative. However, technology alone no longer provides a competitive advantage. To meet their talent requirements, business organizations have turned to recruiting alternatives such as electronic recruitment or e-recruitment, which is a form of recruitment using electronic media tools to attract, hire, and retain job seekers. In this investigation, the author examined the efficacy and opportunities of e-recruitment in medium-sized German business organizations.. The author determined that many medium-sized German companies are using the Internet to recruit online but not effectively enough to create and maintain a sustainable strategic advantage. The author concluded that several areas for improvements exist in e-recruitment processes.

Dynamic Social and Media Content Syndication for Second Screen

Social networking apps, sites and technologies offer a wide range of opportunities for businesses and developers to exploit the vast amount of information and user-generated content produced through social networking. In addition, the notion of second screen TV usage appears more influential than ever, with viewers continuously seeking further information and deeper engagement while watching their favourite movies or TV shows. In this work, the authors present SAM, an innovative platform that combines social media, content syndication and targets second screen usage to enhance media content provisioning, renovate the interaction with end-users and enrich their experience. SAM incorporates modern technologies and novel features in the areas of content management, dynamic social media, social mining, semantic annotation and multi-device representation to facilitate an advanced business environment for broadcasters, content and metadata providers, and editors to better exploit their assets and increase their revenues.

Motherhood on ice? A media framing analysis of older mothers in the UK news

Changing gender roles and increased sexual and economic freedom have created opportunities for women to give birth relatively late in life. However, stigma and misplaced fears about physical capacity are often reported as sources of anxiety among older, and in vitro fertilisation-induced mothers. In this study, we apply a specially adapted method for analysing news media content to a week's selection of material in the British media following the dissemination of research at an international medical conference. Our findings suggest, despite some positive commentaries, that much negative discourse is circulated by the media about older mothers, from implied claims of selfishness (older mothers as 'delaying' conception) to violations of the 'natural order'. These latter claims reflect the long-standing ambivalence by the media generally towards scientific advancement, but they also reveal continuing resistance towards unorthodox lifestyles.

Media, ecology and conservation:using the media to protect the world's wildlife and ecosystems

The second book in The Converging World series, Media, Ecology and Conservation focuses on global connectivity and the role of new digital and traditional media in bringing people together to protect the world's endangered wildlife and conserve fragile and threatened habitats. New media offers opportunities for like-minded individuals, community groups, businesses and public organisations to learn and work cooperatively for the good of all species. One of the key themes of this book explores the important issue of how new information and communication technologies mediate the natural world, and our understanding of our place in it. By exploring the role of film, television, video, photography and the internet in animal conservation in the USA, India, Africa, Australia and the United Kingdom John Blewitt investigates the politics of media representation surrounding important controversies such as the trade in bushmeat, whaling and habitat destruction. The work and achievements of media/conservation activists are located within a cultural framework that simultaneously loves nature, reveres animals but too often ignores the uncomfortable realities of species extinction and animal cruelty.

Governmental social media use for emergency communication

The possibility of crowdsourced information, multi-geographical and multi-organisational information flows during emergencies and crises provided by web 2.0 tools are providing emergency management centres with new communication challenges and opportunities. Building on the existing emergency management and social media literature, this article explores how institutions are using and adopting social media for emergency communication. By examining the drivers and barriers of social media adoption in two European governmental agencies dealing with emergencies, the paper aims to establish a framework to examine whether and how institutional resilience could be improved.

Roadmapping discussion summary:social media and linked data for emergency response

This paper provides a summary of the Social Media and Linked Data for Emergency Response (SMILE) workshop, co-located with the Extended Semantic Web Conference, at Montpellier, France, 2013. Following paper presentations and question answering sessions, an extensive discussion and roadmapping session was organised which involved the workshop chairs and attendees. Three main topics guided the discussion - challenges, opportunities and showstoppers. In this paper, we present our roadmap towards effectively exploiting social media and semantic web techniques for emergency response and crisis management.