Conditioning information in mutual fund performance evaluation: Portuguese evidence

We estimate and compare the performance of Portuguese-based mutual funds that invest in the domestic market and in the European market using unconditional and conditional models of performance evaluation. Besides applying both partial and full conditional models, we use European information variables, instead of the most common local ones, and consider stochastically detrended conditional variables in order to avoid spurious regressions. The results suggest that mutual fund managers are not able to outperform the market, presenting negative or neutral performance. The incorporation of conditioning information in performance evaluation models is supported by our findings, as it improves the explanatory power of the models and there is evidence of both time-varying betas and alphas related to the public information variables. It is also shown that the number of lags to be used in the stochastic detrending procedure is a critical choice, as it will impact the significance of the conditioning information. In addition, we observe a distance effect, since managers who invest locally seem to outperform those who invest in the European market. However, after controlling for public information, this effect is slightly reduced. Furthermore, the results suggest that survivorship bias has a small impact on performance estimates.

Measuring fund performance using multi-factor models: evidence for the Portuguese market

This paper examines the performance of Portuguese equity funds investing in the domestic and in the European Union market, using several unconditional and conditional multi-factor models. In terms of overall performance, we find that National funds are neutral performers, while European Union funds under-perform the market significantly. These results do not seem to be a consequence of management fees. Overall, our findings are supportive of the robustness of conditional multi-factor models. In fact, Portuguese equity funds seem to be relatively more exposed to smallcaps and more value-oriented. Also, they present strong evidence of time-varying betas and, in the case of the European Union funds, of time-varying alphas too. Finally, in terms of market timing, our tests suggest that mutual fund managers in our sample do not exhibit any market timing abilities. Nevertheless, we find some evidence of timevarying conditional market timing abilities but only at the individual fund level.

Initial performance of maize in response to NPK fertilization combined with Herbaspirillum seropedicae

The inoculation with plant growth-promoting bacteria can be a technological approach useful for increasing the production of maize. The objective of this study was to evaluate the initial performance of maize in response to application of doses of NPK combined with the inoculation of the diazotrophic bacteria Herbaspirillum seropedicae in an greenhouse experiment. The experiment consisted of six fertilizer levels: 0, 25, 50, 75, 100 and 200% of the recommended dose of NPK applied to maize inoculated and non-inoculated with H. seropedicae. At 30 days after the treatment application, the growth characteristics and nutritional status of the plants were evaluated. Plant development was influenced by fertilization, but it was enhanced by combination with the bacteria, which resulted in significant increases in the dry mass of shoots (7%) and leaf area (9%) when compared with non-inoculated plants. The results showed increases in the concentration of N (11%), P (30%) and K (17%) of maize plants in response to bacterial inoculation together with NPK compared with plants that were applied fertilize only. The greater consistency and stability response of the host plant to bacterization in the presence of chemical fertilizer indicate a promissory biotechnological approach for improving the initial growth and adaptation of maize to the cultivation environment.

PERFORMANCE CAPTURE: À PROCURA DAS MELHORES TÉCNICAS E ESTÉTICAS NO CONTEXTO DA ANIMAÇÃO DIGITAL

This paper investigates realism in character computer animation, which triggered the development of new techniques and aesthetic in spectacular cinema and contemporary culture. With the advent of motion or performing capture, animation has made possible that virtual characters or digital creatures reach higher levels in emotional acting, taking place in virtual cinematic worlds or even special effects movies. This technology, when placed at the service of imagination and fantasy can provide new dimensions in character motion and communication. In this context, projects like Peter Jackson’s (2001) The Lord of the Rings, James Cameron’s Avatar (2009) and more recently Steven Spielberg’s Tintin (2011) demonstrate that motion technology is constantly evolving, and it represents a credible option to explore new techniques and aesthetic in contemporary animation.

No-till corn performance in response to P and fertilization modes

No-tillage systems provide soil changes that affect nutrient dynamics, hence, changing rates and forms of fertilizer application. This study aimed to evaluate the effect of phosphorus (P) and modes of nitrogen (N) and P application in corn under long-term no-tillage in a clayey Oxisol. Two experiments were carried out in the same experimental area and in the same year, in a randomized blocks design with four replications. In experiment I, the treatments consisted of five doses of phosphorus (0, 40, 80, 120 and 160 kg ha-1 of P2O5) applied in the sowing furrow. In experiment II, the treatments consisted of the N and P application modes (topdressing, in the sowing furrow and control - without N and P). Experiment I evaluated the root length, P uptake and grain yield and, the Experiment II, the firing height and yield. The P rates provided linear increases in root length in the 0-10 cm layer, P uptake and grain production. The different modes of application provided differences in the firing height and corn yield. The control treatment (0 kg ha-1 of N and P) provided the highest firing height, superior than those of topdressing and application in the furrow, which were not significantly different. The topdress application of N and P provided an increase in corn yield that exceeded 16 and 42% of the application in the furrow and the control, respectively. Thus, the results confirmed that increasing rates of P2O5, in soil with high initial P content, influence positively corn production factors, but with little significant responses, and the topdress application of N and P on soil with high P content, without water restriction, provided increased grain yield in relation to the application in the furrow.

Performance measurement and management in Portuguese law enforcement

Performance measurement of police services is complicated by ambiguous and complex goal- and objectives-setting, and by the difficulties of measuring outputs. This article looks at the organizational and management changes being made in Portuguese police forces. The authors fill a gap in the literature on performance measurement in Portugal by taking a national approach to the study of how law enforcement agencies are introducing new management accounting changes. The article therefore widens the debate on performance measurement and performance improvements in law enforcement.

Style and performance of international socially responsible funds in Europe

This paper analyses the performance and investment styles of internationally oriented Socially Responsible Investment (SRI)funds, domiciled in eight European markets, in comparison with characteristics-matched conventional funds. To the best of our knowledge, this is the first multi-country study, focused on international SRI funds (investing in Global and in European equities), to combine the matched-pairs approach with the use of robust conditional multi-factor performance evaluation models, which allow for both time-varying alphas and betas and also control for home biases and spurious regression biases.In general, the results show that differences in the performance of international SRI funds and their conventional peers are not statistically significant. Regarding investment styles, SRI and conventional funds exhibit similar factor exposures in most cases. In addition,conventional benchmarks present a higher explaining power of SRI fund returns than SRI benchmarks. Our results also show significant differences in the investment styles of SRI funds according to whether they use “best-in-class” screening strategies or not. When compared to SRI funds that employ simple negative and/or positive screens, SRI “best-in-class” funds present significantly lower exposures to small caps and momentum strategies and significantly higher exposures to local stocks.

O diálogo entre o livro e a criança. Objeto interativo de leitura verbal e visual, exploração e manipulação gráfica e plástica

O uso da imagem, no livro ilustrado, está associado às idades em que a criança ainda não tem domínio da escrita sendo a descodificação e a exploração das imagens as primeiras competências a serem adquiridas. À medida que a criança se familiariza com a leitura verbal e com o desenvolvimento desta competência, a imagem é gradualmente retirada do livro. No âmbito do projeto prático integrado no Mestrado em Ilustração e Animação foi criado um livro para a infância com atividades onde o leitor intervenha tornando-se também autor, concluindo-o e produzindo um objeto único. Propusemo-nos, ainda, apresentar o livro ilustrado e as atividades/ experiências visuais como instrumentos que ajudam a criança a crescer sem frustrações, onde descobrem e desenvolvem capacidades estéticas, emocionais e intelectuais. Dentro do livro ilustrado pretendemos estudar os livros interativos que exploram as duas linguagens, criando uma narrativa plástica e que permitem explorar a tridimensionalidade e o brincar ao faz de conta. Estes são produtos de experiências visuais e tácteis, repletos de estímulos para que a criança seja capaz de explorar e comunicar verbalmente e visualmente, articulando muitas vezes entre o bidimensional com o tridimensional, a regra com o acaso e a forma com a “não forma”, permitindo uma apreciação máxima do objeto.

Performance, carcass traits and costs of Suffolk lambs finishing systems with early weaning and controlled suckling

The performance, carcass traits and finishing costs of Suffolk lambs were evaluated in three systems: (1) lambs weaned with 22 kg of body weight (BW) and supplemented with concentrate on pasture until slaughter; (2) lambs weaned with 22 kg BW and fed in feedlot until slaughter; (3) lambs maintained in controlled nursing after 22 kg BW and creep fed in feedlot until slaughter. Average daily gain (ADG) was 224 g/d for lambs weaned and supplemented with concentrate on pasture, 386 g/d for lambs weaned in feedlot and 481 g/d for lambs under controlled nursing. Empty body weight and visceral fat deposition were highest in lambs from feedlot systems. Carcass weights and carcass yields were highest for lambs in controlled nursing. Finishing total costs were highest in controlled nursing and lowest in the system with weaning in feedlot. High concentrate diet associated with controlled nursing in feedlot allowed lambs to reach the growth potential and carcasses with higher weights, higher yields and higher fat content. After weaning, lambs in feedlot fed with high concentrate diet had higher weight gain than lambs supplemented with concentrate on pasture. Carcasses produced under these two systems presented the same characteristics. The system with weaning in feedlot showed the lowest cost per kg carcass.

Greguerías - da metáfora literária à metáfora visual

A presente investigação visa a passagem da metáfora literária para a metáfora visual, através do resultado de um trabalho de ilustração, tendo como ponto de partida, as Greguerías de Ramón Gómez de la Serna (1888 - 1963). Reflectindo sobre a interpretação da metáfora, o objectivo passa por criar uma nova selecção de Greguerías ilustradas que também estabeleçam novas metáforas visuais, a partir da sua interacção com a palavra. Mas uma vez independentes, cada ilustração ou cada conjunto de ilustrações, resultem num trabalho de conjunto, enquanto série, como processo criativo e inserido no panorama artístico da ilustração de autor.

Performance of pineapple slips inoculated with diazotrophic phosphate-solubilizing bacteria and rock phosphate

Besides fixing N2, some diazotrophic bacteria or diazotrophs, also synthesize organic acids and are able to solubilize rock phosphates, increasing the availability of P for plants. The application of these bacteria to pineapple leaf axils in combination with rock phosphate could increase N and P availability for the crop, due to the bacterial activity of biological nitrogen fixation and phosphate solubilization. The objectives of this study were: (i) to select and characterize diazotrophs able to solubilize phosphates in vitro and (ii) evaluate the initial performance of the pineapple cultivars Imperial and Pérola in response to inoculation with selected bacteria in combination with rock phosphate. The experiments were conducted at Universidade Estadual do Norte Fluminense Darcy Ribeiro, in 2009. In the treatments with bacteria the leaf contents of N, P and K were higher than those of the controls, followed by an increase in plant growth. These results indicate that the combined application of diazotrophic phosphate-solubilizing bacteria Burkholderia together with Araxá rock phosphate can be used to improve the initial performance of pineapple slips.

Effect of hay on performance of Holstein calves at suckling and post-weaning

The objective of this work was to evaluate the performance of Holstein calves in suckling and post-weaning phases, intensively managed during suckling in the absence or presence of hay. Twenty-four male Holstein calves, at an average age of 15 days and initial weight of 43 kg were used in the experiment. The experimental design was completely randomized, consisting of two treatments and six replications. The treatments were as follows: 1) suckling with milk substitute + initial concentrate for calves, ad libitum + temperate grass hay (oat/ryegrass), ad libitum; 2) suckling with milk substitute + initial concentrate for calves, ad libitum. No significant difference was found between treatments for weight gain and feed conversion. However, the supply of hay caused an increase in daily dry matter intake (2.127 vs 1.894 kg). The intake of hay promoted greater stimulus to consumption of concentrate and greater weight at weaning.

Avaliação visual da qualidade da estrutura do solo em sistemas de uso das terras

Sistemas sustentáveis de produção agropecuária demandam solos com boa estrutura, por isso, são necessários métodos eficientes para avaliação dessa estrutura. Objetivou-se, com este estudo, aplicar a metodologia de avaliação visual da estrutura do solo, em áreas previamente cobertas por Floresta com Araucária, em longo período de uso após o desmatamento. Selecionaram-se áreas sob três tipos de usos: floresta nativa, pastagem e cultivo agrícola, considerados como tratamento, sendo realizadas dez amostragens por tipo de uso. Nas amostras coletadas, procedeu-se à avaliação da qualidade da estrutura do solo, seguida da análise estatística dos dados, por meio da análise de variância e do teste de separação de médias. Observaram-se diferenças significativas nos valores médios de escore entre as áreas avaliadas. Os solos da área com floresta apresentaram Qe (Qualidade visual) médio = 1.68, estatisticamente semelhante ao dos solos sob pastagem (Qe médio = 2.25) e inferior ao dos solos cultivados, Qe médio = 2.40. Os valores de Qe obtidos por avaliação visual da qualidade da estrutura do solo mostraram-se eficientes para identificar diferenças entre os sistemas de uso do solo.

A divulgação de informação ambiental e a performance financeira das empresas cotadas em Portugal

O objectivo deste artigo é investigar a relação entre a divulgação de informação ambiental nos relatórios e contas anuais e a performance financeira no mercado de capitais das empresas cotadas em Portugal. Para tanto, é usada uma amosta de 35 empresas não financeiras cotadas no mercado de cotações oficiais da Euronext Lisboa no período de 5 anos compreendido entre 2000 e 2004. Os resultados empíricos obtidos sugerem que as empresas que não divulgam informação ambiental têm uma performance financeira – rendibilidade, risco e rendibilidade ajustada ao risco – superior às que o fazem. Em particular, as empresas que apresentam um melhor relato ambiental, divulgando informação ambiental qualitativa e quantitativa, são as que apresentam pior performance financeira. Contudo, as diferenças encontradas ao nível da performance financeira não são estatisticamente significativas. Estes resultados são robustos às duas metodologias usadas: estudos de carteira e tabelas de contingência.

Performance of european socially responsible funds during market crises: evidence from France

This paper investigates the performance, investment styles andmanagerial abilities of French socially responsible investment (SRI) funds investing in Europe during crisis and non-crisis periods. Our results show that SRI funds significantly underperformcharacteristics-matched conventional funds during non-crisis periods, but match the performance of their peers duringmarket downturns. The underperformance of SRI funds during good economic states is driven by funds that use negative screens, since funds that use only positive screens performsimilarly to conventional funds across differentmarket conditions. SRI and conventional funds showsignificant differences in risk exposures during non-crisis periods but exhibit much more similar investment styles during crises. Furthermore,we find little evidence of significant differences inmanagerial abilities during bad economic states. Yet, during non-crisis periods, SRI and conventional fund managers exhibit significantly different style-timing abilities and these differences are also related to screening strategies.