Outperformance in exchange-traded fund pricing deviations: Generalized control of data snooping bias

An investigation into exchange-traded fund (ETF) outperforrnance during the period 2008-2012 is undertaken utilizing a data set of 288 U.S. traded securities. ETFs are tested for net asset value (NAV) premium, underlying index and market benchmark outperformance, with Sharpe, Treynor, and Sortino ratios employed as risk-adjusted performance measures. A key contribution is the application of an innovative generalized stepdown procedure in controlling for data snooping bias. We find that a large proportion of optimized replication and debt asset class ETFs display risk-adjusted premiums with energy and precious metals focused funds outperforming the S&P 500 market benchmark. 

Transparency in Reporting on Charities’ Efficiency: A Framework for Analysis

In recent difficult economic times, the efficiency with which a charity spends the funds entrusted to it has become an increasingly important aspect of charitable performance. Transparency on efficiency, including the reporting of relevant measures and information to understand, contextualise and evaluate such measures, is suggested as important to a range of stakeholders. However, using a novel framework for the analysis of efficiency reporting in the context of transparency and stakeholder theory, this research provides evidence that reporting on efficiency in UK (United Kingdom) charities lacks transparency, both in terms of the extent and manner of disclosure. It is argued that efficiency reporting in UK charities is more concerned with legitimising these organisations rather than providing ethically-driven accounts of their efficiency.

Does the UK Local Finance Improvement Trust (Lift) Initiative Improve Risk Management in Public-Private Procurement?

The UK government introduced the Private Finance Initiative (PFI) and, latterly, the Local Improvement Finance Trust (LIFT) in an attempt to improve public service provision. As a variant of PFI, LIFT seeks to create a framework for the effective provision of primary care facilities. Like conventional PFI procurement, LIFT projects involve long-term contracts, complex multi-party interactions and thus create various risks to public sector clients. This paper investigates the advantages and disadvantages of LIFT with a focus on how this approach facilitates or impedes risk management from the public sector client perspective. Our paper concludes that LIFT has a potential for creating additional problems, including the further reduction of public sector control, conflicts of interest, the inappropriate use of enabling funds, and higher than market rental costs affecting the uptake of space in the buildings by local health care providers. However, there is also evidence that LIFT has facilitated new investment and that Primary Care Trusts (PCTs) have themselves started addressing some of the weaknesses of this procurement format through the bundling of projects and other forms of regional co-operation.

Bank Failures of the 1990s::An Exploratory Analysis

Past research has frequently attributed the incidence of bank failures to macroeconomic cycles and/or downturns in the regional economy. More recent analyses have suggested that the incidence and severity of bank failures can be linked to governance failures, which may be preventable through more stringent disclosure and auditing requirements. Using data on bank failures during the years 1991 to 1997, for the US, Canada, the UK and Germany, this study examines the relationship between institutional characteristics of national legal and auditing systems and the incidence of bank failures. In the second part of our analysis we then examined the relationship between the same institutional variables and the severity of bank failures.
The first part of our study notes a significant correlation between the law and order tradition (‘rule of law’) of a national legal system and the incidence of bank failures. Nations which were assigned high 'rule of law’ scores by country risk guides appear to have been less likely to experience bank failures. Another variable which appears to impact on bank failure rates is the ‘risk of contract repudiation’. Countries with a greater ‘risk of contract repudiation’ appear to be more likely to experience bank failures. We suggest that this may be due to a greater ex ante protection of stakeholders in countries where contract enforcement is more stringent.
The results of the second part of our study are less clear cut. However, there appears to be a significant correlation between the amount paid out by national deposit insurers (our proxy for the severity of bank failures) and the macroeconomic variable 'GDP change'. Here our findings follow the conventional wisdom; with greater amounts of deposit insurance funds being paid during economic downturns (i.e. low or negative GDP 'growth' correlates with high amounts of deposit insurance being paid out). A less pronounced relationship with the severity of bank failures can also be established for the institutional variables ' accounting standards' as well as 'risk of contract repudiation'. Countries with more stringent ‘accounting standards’ and a low ‘risk of contract repudiation’ appear to have been less prone to severe bank failures.

Belfast Soundwalks

The Belfast Soundwalks project, led by Professor Pedro Rebelo and co-ordinated by Dr Sarah Bass (Sonic Arts Research Centre) in collaboration with Belfast City Council (BCC), aims to use sonic art to engage the public through the development of a locative mobile phone app. Targeting both tourists and citizens of the city, this project aims to sonically enhance the experience of a number of areas of the city, including destinations that may not traditionally be accessed as attractions by visitors and/or disregarded or undervalued by local residents. The project will bring together a number of sonic artists/composers who will create approximately ten soundwalks around the city, while liaising with BCC to distribute the resulting app to the public in line with their tourism and cultural strategy. The project is centred on the development of smart phone apps which provide unique listening experiences associated with key places in the city. The user’s location in the city is tracked through GPS which triggers sound materials ranging from speech to environmental sound and abstract imagined sound worlds. Additionally, local community groups will be consulted in order to evaluate and reflect upon the effectiveness of the soundwalks.

The project builds on the success of the Literary Belfast app and aims to further strengthen links between Queen’s University Belfast and Belfast City Council through facilitating the dissemination of an art form not widely experienced by the general public. Through the newly created Institute for Collaborative Research in the Humanities, directed by Professor John Thompson we are articulating this project with Queen’s consortium partners, Newcastle University and Durham University.

“The Arts and Humanities Research Council (AHRC) funds world-class, independent researchers in a wide range of subjects: ancient history, modern dance, archaeology, digital content, philosophy, English literature, design, the creative and performing arts, and much more. This financial year the AHRC will spend approximately £98m to fund research and postgraduate training in collaboration with a number of partners. The quality and range of research supported by this investment of public funds not only provides social and cultural benefits but also contributes to the economic success of the UK. For further information on the AHRC, please go to: www.ahrc.ac.uk”.

Non-parametric bill of quantities estimation of concrete road bridges' superstructure: an artificial neural networks approach

Bridge construction responds to the need for environmentally friendly design of motorways and facilitates the passage through sensitive natural areas and the bypassing of urban areas. However, according to numerous research studies, bridge construction presents substantial budget overruns. Therefore, it is necessary early in the planning process for the decision makers to have reliable estimates of the final cost based on previously constructed projects. At the same time, the current European financial crisis reduces the available capital for investments and financial institutions are even less willing to finance transportation infrastructure. Consequently, it is even more necessary today to estimate the budget of high-cost construction projects -such as road bridges- with reasonable accuracy, in order for the state funds to be invested with lower risk and the projects to be designed with the highest possible efficiency. In this paper, a Bill-of-Quantities (BoQ) estimation tool for road bridges is developed in order to support the decisions made at the preliminary planning and design stages of highways. Specifically, a Feed-Forward Artificial Neural Network (ANN) with a hidden layer of 10 neurons is trained to predict the superstructure material quantities (concrete, pre-stressed steel and reinforcing steel) using the width of the deck, the adjusted length of span or cantilever and the type of the bridge as input variables. The training dataset includes actual data from 68 recently constructed concrete motorway bridges in Greece. According to the relevant metrics, the developed model captures very well the complex interrelations in the dataset and demonstrates strong generalisation capability. Furthermore, it outperforms the linear regression models developed for the same dataset. Therefore, the proposed cost estimation model stands as a useful and reliable tool for the construction industry as it enables planners to reach informed decisions for technical and economic planning of concrete bridge projects from their early implementation stages.

Queen's University Belfast, RCUK Open Access Compliance Report 2014/2015

Queen's University Belfast has submitted its open access compliance report to the RCUK for 2014/2015. Queen's receives an annual open access block grant from RCUK. The funds are made available to support universities in meeting the requirements of the RCUK open access policy, in particular meeting the cost of article processing charges (APC) to make articles open access through the publisher.

Contracts for the Sale of Land: Understanding the Impecuniosity Defence

Where either the seller or buyer of landed property fails to complete a contract to sell land the non-breaching party has a right to seek specific performance of the contract. This remedy would compel the party in default to perform the contract on pain of being held in contempt of court if the court's order is not obeyed. The defaulting party would not be able to satisfy its obligations under the law by paying a sum of money as damages for breach of contract. This paper considers the impecuniosity defence to specific performance as recognised by courts in Northern Ireland, the Republic of Ireland, Australia and New Zealand. Where the buyer demonstrates that he or she simply cannot raise the funds to buy the property specific performance will not be decreed and the court will make an award of damages for breach of contract measured by the difference between the contract price and the market price of the property at the time of default. The paper considers the nature and parameters of this defence and how it differs (if at all) from the alternative defence of extreme hardship. The paper addresses the question of whether it might be better to move to a position where sellers of land in all cases no longer enjoy a presumption of specific performance but have to demonstrate that the alternative remedy of damages is clearly inadequate. If this should be so the paper goes on to consider whether abolition of the presumption in favour of specific performance for sellers should lead to abolition of the presumption of specific performance for buyers, as is the position in Canada following the Supreme Court's decision in Semelhago v Paramadevan [1996] 2 SCR 415.

Consumers sensory evaluation of melon sweetness and quality

CONSUMERS SENSORY EVALUATION OF MELON SWEETNESS AND QUALITY Agulheiro Santos, A.C, Rato, A.E., Laranjo, M. and Gonçalves, C. Departamento de Fitotecnia, Escola de Ciências e Tecnologia, Instituto de Ciências Agrárias e Ambientais Mediterrânicas (ICAAM), Instituto de Investigação e Formação Avançada (IIFA), Universidade de Évora, Polo da Mitra, Ap.94, 7002-554 Évora, Portugal. ABSTRACT The sensory quality of fruits is made of a range of attributes like sweetness, acidity, aroma, firmness, color. Taste perception and perception threshold of these attributes are variable according to the psychological and cultural development of individuals. To better understand the quality evaluation of melon by consumers, consumers were invited to taste melon samples, in supermarkets in Évora (South region), Lisbon (Central region) and Vila Nova de Gaia (North region). The present work explored the importance given by consumers to sweetness in order to classify the overall quality of melon. Furthermore, the relationship of the chemical evaluation of Total Soluble Solids (TSS) with sweetness of melon was studied. Fruits from the variety Melão branco picked randomly from those that were exposed for sale in supermarkets were used for analysis. Fruits were chinned along the equatorial zone and only the central part of the fruit, opposite to the part that leaned on the soil, was used to obtain homogeneous samples. Consumers were invited to taste four small pieces of each fruit, previously referenced with a code number, and answer a questionnaire with two questions related to sweetness and overall quality. Each question had five possible levels, identified from “Nothing sweet”, to “Extremely sweet”, in one case, and from “Poor” to “Excellent” in the other. Simultaneously, the values of TSS (measured in ºBrix) for each melon used in the study were evaluated by refractometry. This sensory analysis allowed us to point out the following findings: first of all, there is good agreement between the results obtained to classify “Sweetness” and “Overall Quality” (Cohen’s Kappa=53.1%, p<0.001), which means, for example, that fruits with excellent quality are in general extremely sweet. Moreover, fruits with less than 9.6 °Brix are considered of poor quality and nothing sweet, whereas fruits with values between 10 °Brix and 12 °Brix are considered good in terms of overall quality. It seems that the thresholds for the stimulus/intensity of sweetness lied between 10 °Brix to 14 °Brix for this melon variety. Acknowledgments This work was support by national funds through Fundação para a Ciência e a Tecnologia (FCT) under the Strategic Project Pest-OE/AGR/UI0115/2014 and co-funded by FEDER funds through the COMPETE Program.

Revenue diversification in higher education: the case of Portugal

Socio-economic changes, alterations in societal expectations and new public policies have put pressures on higher education public funding, bringing the issue of funding diversification to the forefront. Income diversification, namely, generation of funds from private, as well as from competitive public sources, has become increasingly important in European higher education due to a complex financial environment and perceived deficit of innovation transfer. Although there are numerous studies about changes in national funding systems and allocation mechanisms, few have focused on diversification of funding sources, especially in the European context, making Portugal no exception. Thus, this study aims at exploring income diversification at the institutional level and its influence on the internal organisational structures. For this purpose two Portuguese public universities were chosen as case studies. The empirical material was collected through semi-structured interviews with top management and middle management of each university and through documentary analysis. Data analysis demonstrated that both universities are in the process of institutionalizing and formalising practices of income diversification, notably by getting more professional in how they are dealing with external stakeholders, such as businesses, local community, and students. However, the study also revealed that there is no formal, organised strategy to deal with income diversification. In general, the universities are reacting to external demands rather than pro-actively exploring opportunities. In this respect, the analysis determined several factors that promote or inhibit income diversification activities. Quality and favourable organizational culture were named by the interviewees as the most relevant factors for successful income diversification. External factors such as legal arrangements and funding conditions were cited as major constraints. This research has also revealed that revenue diversification activities tend to develop along the continuum towards higher sophistication and systematisation of activities that are supported by a powerful infrastructure. Together with efforts at the institutional level, the role of government policies proves to be crucial in providing tools and incentives to higher education institutions and creating a harmonious higher education system.

A Agenda 21 local e o desenvolvimento sustentável em Portugal : que perspetivas?

Assumindo a sociedade atual o paradigma do desenvolvimento sustentável como modelo capaz de garantir uma gestão equilibrada dos recursos atuais que não comprometa o futuro das futuras gerações, é fundamental compreender o instrumento da Agenda 21 Local (A21L), ferramenta saída da Conferência do Rio, em 1992, que se apresenta como uma resposta internacional aos objetivos da sustentabilidade. Ao constituir-se como país signatário da Declaração do Rio, Portugal assumiu o compromisso de cooperar internacionalmente para a aplicação deste instrumento, no esforço comum de unir a proteção do ambiente com o desenvolvimento económico e social. Verifica-se que a resposta de Portugal, em matéria de A21L, foi pouco conseguida, marcada por um arranque ténue, desconcertado e disperso a que acresce o caráter dúbio que caracterizou a natureza dos primeiros processos e que, no quadro internacional, atira Portugal para o grupo de países europeus que mais tardiamente conseguiram responder ao apelo da comunidade internacional no que se refere à implementação de A21L. Neste âmbito, esta dissertação visa aprofundar o conhecimento cientifico sobre este instrumento no quadro das experiências de Agenda 21 Local implementadas no território português. O trabalho procurou examinar os objetivos, características e resultados dos processos de Agenda, dando atenção aos elementos individuais que marcaram cada um e, igualmente, avaliando as repercussões que estes tiveram no todo nacional. O estudo incidiu na dinâmica espaciotemporal das Agendas21L, no território nacional, e na análise integrativa de indicadores físicos, sociais e económicos que permitiram compreender as especificidades e os contrastes verificados nos processos implementados e desenvolvidos. Na investigação não foram, igualmente, negligenciadas questões históricas, políticas e culturais, sabendose da importância que estes vários domínios configuram no caso português. O trabalho contou com uma investigação assente na seguinte metodologia: i) Revisão da literatura e recolha de dados bibliográficos sobre a temática da Agenda 21 Local; ii) Levantamento de informação, através de um inquérito por questionário, dirigido a todas as localidades do País, onde decorrem Agendas 21 Local, a fim de complementar informação já processada; iii) Pesquisa direta de dados no terreno que envolveu a utilização de procedimentos de teor quantitativo (inquérito por questionário) e de teor qualitativo (entrevistas), relativamente ao caso de estudo (Agenda 21 Local de Mindelo); iv) Tratamento e análise dos resultados obtidos através da confrontação da perspetiva teórica com a prática com a consequente elaboração de conclusões fundamentadas pela confrontação dos dados com as hipóteses. Para além de se tratar do caso pioneiro de A21L com início no poder mais próximo do cidadão (respeitando um dos princípios inerentes a este instrumento – o princípio da subsidiariedade), afirmou-se, igualmente, como um caso de referência em matéria de coesão e mobilização dos cidadãos locais para os problemas locais existentes. Os resultados empíricos da investigação identificam uma série de dificuldades que condicionaram o arranque e progresso das A21L. Desde logo, a inabilidade dos poderes políticos locais em trabalharem com um modelo que rompe com as típicas e tradicionais formas pré-concebidas de fazer política, isto é, com as práticas instituídas dos políticos fazerem “política” para os cidadãos e não “com” os cidadãos. O próprio desconhecimento do poder político local quanto à natureza de um processo de A21L que evidenciou inaptidão, impreparação e até embaraço para lidar com este instrumento, resultando na necessidade, na grande maioria dos processos desenvolvidos, de serem acompanhados por entidades externas que cooperaram na sua dinamização. Acresce que a nova dinâmica, subjacente à A21L, que desafia os governos locais a mobilizar a participação generalizada dos cidadãos e apela à participação de novos atores (associações, grupos de interesse, ONG e atores sociais, em geral) para a definição de estratégias de desenvolvimento local, não é totalmente aceite pelos vários poderes locais que, não raras vezes, menosprezam a importância dos cidadãos nos momentos de tomada de decisão. A falta de empenho do governo central, em matéria de sustentabilidade, que negligenciou, numa primeira etapa, a figura do poder central na assessoria às entidades locais cerceou o país da existência de uma campanha nacional para a afirmação deste instrumento. A falta/insuficiência de recursos financeiros como resultante da ausência de apoios estatais e a dificuldade na obtenção de fundos da União Europeia configurou-se como um entrave à promoção dos processos ficando as entidades locais e regionais incapazes de ultrapassar a falta de meios imprescindíveis para o desenvolvimento da A21L. O próprio desconhecimento generalizado dos cidadãos sobre a A21L afigura-se como um estigma ao sucesso de qualquer processo com as caraterísticas de um instrumento A21L visto que a participação dos cidadãos é condição sine qua non para a sua operacionalização. Neste quadro, e olhando o futuro, urge a necessidade das autoridades locais criarem modelos de autofinanciamento capazes de garantir a criação, funcionamento e manutenção de infraestruturas económicas e sociais subjacentes aos programas de A21L, assim como o dever do poder político em reforçar a importância da função da informação e da mobilização dos cidadãos em prole do desenvolvimento sustentável, ações indispensáveis para a execução das políticas inerentes à A21L.

Ensaios sobre o crescimento económico regional e a dinâmica do processo de convergência

The research is centred on economic growth and it adopts a regional view focused on European regions (NUTS 2). Under analysis is the undergoing convergence process in Europe to evaluate if there is an increase in regional economic growth and a simultaneous decrease in regional disparities. The empirical evidence shows signs of transience on the regional convergence process, along with the formation of several clusters of regions. Considering this evidence it is of interest to assess the profiles of such clusters, and evaluate the homogeneousness of its regions and their spread across European space. As suggested in the literature, space is a relevant factor in the spread of clusters, according to the different variables (regions profiles, diversity measures and growth indicators). Regional disparities across Europe are, on average, large and persistent, with a high degree of stability among the relative rankings of European regions. Such results cast shadows about the impact of European structural funding in diminishing regional disparities. Such an approach is of interest due to the growing need to evaluate the effectiveness and efficiency of public policies implemented. The fact that there is an undergoing process of economic integration in Europe increases the usefulness of such an analysis, especially in a context in which European public funds are negotiated and granted.

A methodology to estimate the residence time of estuaries

The residence time has long been used as a classification parameter for estuaries and other semi- enclosed water bodies. It aims to quantify the time water remains inside the estuary, being used as an indicator both for pollution assessment and for ecological processes. Estuaries with a short residence time will export nutrients from upstream sources more rapidly then estuaries with longer residence time. On the other hand the residence time determines if micro-algae can stay long enough to generate a bloom. As a consequence, estuaries with very short residence time are expected to have much lower algae blooms, then estuaries with longer residence time. In addition, estuaries with residence times shorter than the doubling time of algae cells will inhibit formation of algae blooms (EPA, 2001). The residence time is also an important issue for processes taking place in the sediment. The fluxes of particulate matter and associated adsorbed species from the water column to the sediment depends of the particle’s vertical velocity, water depth and residence time. This is particularly important for the fine fractions with lower sinking velocities. The question is how to compute the residence time and how does it depend on the computation method adopted.

Benthic biotope index for classifying estuarine habitats

An integration of sediment physical, chemical, biological, and toxicity data is necessary for a meaningful interpretation of the complex sediment conditions in the marine environment. Assessment of benthic community is a vital component for that interpretation, yet their evaluation is complex and requires a large expenditure of time and funds. Thus, there is a need for new tools that are less expensive and more understandable for managers. This paper presents a benthic biotope index to predict from physical and chemical variables the occurrence of macrobenthic habitats, applied to Sado Estuary, as a case of study.

Biochemical indices and life traits of loggerhead turtles (Caretta caretta) from Cape Verde Islands

The loggerhead turtle (Caretta caretta) is an endangered marine reptile for whom assessing population health requires knowledge of demographic parameters such as individual growth rate. In Cape Verde, as within several populations, adult female loggerhead sea turtles show a size-related behavioral and trophic dichotomy. While smaller females are associated with oceanic habitats, larger females tend to feed in neritic habitats, which is reflected in their physiological condition and in their offspring. The ratio of RNA/DNA provides a measure of cellular protein synthesis capacity, which varies depending on changes in environmental conditions such as temperature and food availability. The purpose of this study was to evaluate the combined use of morphometric data and biochemical indices as predictors of the physiological condition of the females of distinct sizes and hatchlings during their nesting season and how temperature may influence the physiological condition on the offspring. Here we employed biochemical indices based on nucleic acid derived indices (standardized RNA/DNA ratio-sRD, RNA concentration and DNA concentration) in skin tissue as a potential predictor of recent growth rate in nesting females and hatchling loggerhead turtles. Our major findings were that the physiological condition of all nesting females (sRD) decreased during the nesting season, but that females associated with neritic habitats had a higher physiological condition than females associated with oceanic habitats. In addition, the amount of time required for a hatchling to right itself was negatively correlated with its physiological condition (sRD) and shaded nests produced hatchlings with lower sRD. Overall, our results showed that nucleic acid concentrations and ratios of RNA to DNA are an important tool as potential biomarkers of recent growth in marine turtles. Hence, as biochemical indices of instantaneous growth are likely temperature-, size- and age-dependent, the utility and validation of these indices on marine turtles stocks deserves further study.