Long memory in return structures from developed markets

[En]The present study aimed at investigating the existence of long memory properties in ten developed stock markets across the globe. When return series exhibit long memory, the series realizations are not independent over time and past returns can help predict future returns, thus violating the market efficiency hypothesis. It poses a serious challenge to the supporters of random walk behavior of the stock returns indicating a potentially predictable component in the series dynamics. We computed Hurst-Mandelbrot’s Classical R/S statistic, Lo’s statistic and semi parametric GPH statistic using spectral regression. The findings suggest existence of long memory in volatility and random walk for logarithmic return series in general for all the selected stock market indices. Findings are in line with the stylized facts of financial time series.

Situación de las actividades comunitarias en el País Vasco

La modificación de estilos de vida conlleva beneficios muy importantes para la salud. Estos estilos de vida generan un innecesario sufrimiento y una sobrecarga de los sistemas de salud desproporcionada y evitable. Es por ello, que la mayoría de las actividades de Promoción de la Salud realizadas en España, se centran en una modificación a unos hábitos más saludables. Se está abandonando el modelo bio-médico centrado en los problemas de salud y en el consejo individual y se está apostando por aquellas actividades de carácter grupal, favoreciendo el autocuidado y la participación comunitaria al mismo tiempo que se aumenta la calidad de vida, el bienestar y la autoestima. El objetivo de este trabajo es describir la situación de las actividades comunitarias desarrolladas en el País Vasco en relación a las realizadas en el resto del estado español. Sin embargo, aunque sí se realizan actividades, no es habitual el registro de éstas, sobretodo en el caso del País Vasco donde la diferencia es elevada puesto que las actividades registradas son 6 mientras que las facilitadas por el Gobierno Vasco suman un total de 127. Además, hay una gran mayoría de actividades que no disponen de todas las características: población diana, área de actuación, objetivo, centro de salud. Debido a esto, la valoración en cuanto a efectividad de estas intervenciones se torna difícil.

Early postnatal growth of the spotted dolphin, Stenella attenuata, in the offshore Eastern Tropical Pacific.

Estimates of length at birth and early postnatal growth are made for the northern and southern populations of the offshore spotted dolphin in the offshore eastern tropical Pacific. Length at birth is estimated to be 85.4 cm for the northern population and 83.2 cm for the southern population. Analyses of series of monthly distributions of length revealed two cohorts born each year in the northern population, at least in the northern inshore part of its geographic range, but only one cohort born each year in the southern population. Growth curves fitted to the means of the monthly distributions of length gave estimates of length at 1 year of 126.2 and 132.6 cm and length at 2 years of 154.3 and 154.9 cm for the two cohorts in the northern population. and length at 1 year of 127.9 cm for the southern population. A growth curve fitted to lengths and ages (in dental growth layer groups) from the northern population gave estimates of lengths at 1 and 2 years of 123.0 and 143.0 cm, respectively.

Characteristics and causes of Texas marine strandings

Three major mass mortality events occurred on the upper Texas coast during 1994, from January through the second week of May. These events were distinguished by unusually large numbers of dead dolphins, sea turtles, and fishes washing ashore on Texas beaches. The beach stranding of dead animals began in January with bottlenose dolphins. By the end of March, 142 dolphins had washed ashore as compared to about 40 expected. By the latter part of April, dolphin mortalities declined but stranding of dead and comatose sea turtles increased. By the end of April, at least 127 sea turtles had stranded on the Texas coast since the beginning of the year, about double the expected number. Then, during May and June, a third mortality event began with a massive fish kill and more turtle deaths. By the middle of May, mortalities of all species as indicated by beach strandings returned to within expected levels. Nevertheless, 1994 stood out as a record year of marine mass mortalities in the northwestern Gulf of Mexico. (PDF file contains 94 pages.)

Schooling habits of yellowfin tuna (Neothunnus macropterus) and skipjack (Katsuwonus pelamis) in the Eastern Pacific Ocean, as indicated by purse seine catch records, 1946-1955

ENGLISH: These aspects of the schooling habits of the yellowfin and skipjack tuna may be investigated by means of the logbook records of the catches of individual sets of the nets of purse-seine vessels. For both purposes it must be assumed that a set is made, in each case, on a single school of fish. The study of school sizes based on these data requires the additional assumption either that the entire school is captured or that each set captures a constant fraction of the school upon which it is made. In this paper we report on the results of such investigations based on logbook records of the purse-seine fleet. SPANISH: Estos aspectos de los hábitos gregarios de los atunes aleta amarilla y barrilete pueden ser investigados a base de los registros de bitácora en que se anotan las pescas resultantes de cada una de las operaciones con la red de encierre que realizan los barcos rederos. Para ambos propósitos hay que suponer que las operaciones se efectúan, en cada caso, en un cardumen independiente. El estudio de los tamaños de los cardúmenes o manchas, a base de estos datos, requiere una suposición adicional: que el cardumen entero es capturado o, en su defecto, que en cada operación con la red se pesca una fracción constante de la mancha objeto de la pesca. En el presente artículo damos cuenta de los resultados de dichas investigaciones basadas en los registros de bitácora que lleva la flota de embarcaciones que utilizan redes de encierre. (PDF contains 47 pages.)

Primary production, chlorophyll, and zooplankton volumes in the tropical Eastern Pacific Ocean

ENGLISH: Between 1 October and 17 December 1955 investigations of the physical, chemical and biological oceanography of the Eastern Pacific Ocean in a region bounded approximately by 30° N. latitude, 9° S. latitude, 120° W. longitude and the mainland coast were conducted from the vessels Horizon and Spencer F. Baird of the Scripps Institution of Oceanography of the University of California. These were part of a cooperative operation, designated for convenience by the code name "Eastropic," in which a vessel of the U. S. Fish and Wildlife Service worked, during this same period, further west and a vessel of the Peruvian Navy worked further south, offshore from Peru. A vessel of the California State Fisheries Laboratory also conducted certain sub-surface tuna fishing operations and other studies in the same general region as the Scripps vessels. In addition to carrying out a number of special studies related to particular oceanographic features, the Scripps vessels occupied a considerable number of hydrographic stations. The locations of these stations, at each of which were made net-hauls for zooplankton, are shown in Figure 4 and Tables 2 and 3. At some of the hydrographic stations, and in Some places between stations, there were made from the Spencer F. Baird measurements of chlorophyll "a" and of primary production (by the C14 technique), both in situ and in a shipboard incubator. The purpose of this paper is to report on the results of these biological observations. SPANISH: Entre el 1° de octubre y el 17 de diciembre de 1955, a bordo de los barcos Horizon y Spencer F. Baird) de la Institución Scripps de Oceanografía de la Universidad de California, se hicieron investigaciones sobre la oceanografía física, química y biológica del Océano Pacífico Oriental, en una región limitada aproximadamente por los 30° N. de latitud, 9° S. de latitud, 120° O. de longitud y la costa continental. Estas investigaciones fueron parte de una operación que se realizó cooperativamente y a la que se convino darle el nombre codificado de "Eastropic". En ella, durante el mismo período, una embarcación del Servicio de Pesca y Vida Silvestre de los Estados Unidos (U. S. Fish and Wildlife Service) trabajó más hacia el oeste, y un barco de la armada peruana más hacia el sur, frente a la costa del Perú. También colaboró una nave del Laboratorio de Pesquerías del Estado de California (California State Fisheries Laboratory), realizando algunas operaciones de pesca de atún en aguas subsuperficiales, y otros estudios en la misma región general que recorrieron las embarcaciones de Scripps. Además de efectuar estudios especiales relacionados con las caracteristicas oceanográficas particulares de la región, las naves de Scripps establecieron un buen número de estaciones hidrográficas. La localización de estas estaciones se indica en la Figura 4 y en las Tablas 2 y 3; en cada una de ellas se hicieron rastreos con redes planctónicas para recoger muestras de zooplancton. En algunas de las estaciones hidrográficas, así como en algunos lugares entre estaciones, en el Spencer F. Baird se hicieron mediciones de la clorofila "a" y de la producción primaria (mediante la técnica del C14), tanto in situ como en una incubadora instalada a bordo. El propósito del presente trabajo es dar a conocer los resultados de estas observaciones biológicas. (PDF contains 44 pages.)

The History, Present Condition, and Future of the Molluscan Fisheries of North and Central American and Europe: Volume 1, Atlantic and Gulf Coasts

This three-volume monograph represents the first major attempt in over a century to provide, on regional bases, broad surveys of the history, present condition, and future of the important shellfisheries of North and Central America and Europe. It was about 100 years ago that Ernest Ingersoll wrote extensively about several molluscan fisheries of North America (1881, 1887) and about 100 years ago that Bashford Dean wrote comprehensively about methods of oyster culture in Europe (1893). Since those were published, several reports, books, and pamphlets have been written about the biology and management of individual species or groups ofclosely related mollusk species (Galtsoff, 1964; Korringa, 1976 a, b, c; Lutz, 1980; Manzi and Castagna, 1989; Shumway, 1991). However, nothing has been written during the past century that is comparable to the approach used by Ingersoll in describing the molluscan fisheries as they existed in his day in North America or, for that matter, in Europe. (PDF file contains 224 pages.)

A Declaração da maioridade de Sua Magestade Imperial o Senhor D. Pedro II, desde o momento em que essa idea foi aventada no corpo legislativo até o acto de sua realisação

Navegação e conquistas : tres estudos : I. Vasco da Gama, II. Villegagnon, III. Colombo /A. Zeferino Candido. Rio de Janeiro : Typ. Federal, 1899 -- Dois discursos / por Assis Brasil. Porto Alegre : Officinas Typographicas da Federação, 1886 -- Carta aos senhores eleitores da provincia de Minas Geraes / por Bernardo Pereira de Vasconcellos. 2ª Edição. Rio de Janeiro : Francisco Rodrigues de Paiva, Alfarrabista Brasileiro, Editor, 1840 -- A revolta de 1720 em Villa Rica : discurso historico-politco. Ouro Preto : Imprensa Official de Minas Geraes, 1898.

Codend selection of winter flounder Pseudopleuronectes americanus

Codend selection of winter flounder (Pseudopleuronectes americanus) in 76-127 mm mesh codends was examined from experiments conducted in Long Island Sound during the spring of 1986-87. The results show a slightly larger size at selection than was found in earlier work as indicated by the selection factor, 2.31 in the present study compared with 2.2 and 2.24 from previous studies. Diamond mesh was found to have a length at 50% retention about 1 cm longer (Lso =22.6 cm), and a selection range (3.4 cm) about 1 cm narrower, than square mesh in 102-mm codends. Tow duration varied from 1 to 2 hours using 114-mm diamond mesh. As has been found in previous studies, tow duration and Lso are positively related, with I-hour tows averaging 24.6 cm and 2-hour tows averaging 26.6 cm. The importance of the slope of the selection curve was examined in yield-per-recruit analyses by comparing knife-edge and stepwise recruitment. In all mesh sizes, stepwise recruitment provides a more conservative estimate of yield in the presence of a minimum size limit. Differences in yield estimates between the two models were generally small (1-7%), except in the largest mesh size, 127 mm, where yield is overestimated by 10% when assuming knife-edge recruitment. (PDF file contains 16 pages.)

Los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria: la influencia de las estructuras multitramo

[ES] Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenidos sobre el análisis de la población completa de MBS emitidos (262 tramos configurados sobre 94 fondos de titulización) indican que la estructuración multitramo de los MBS ha ayudado a reducir el riesgo percibido global de las emisiones de MBS, mediante la generación de mercados más completos y la reducción de los problemas derivados de la existencia de asimetrías informativas implícitas en el proceso de selección de los activos transmitidos por parte de la entidad cedente. Esta reducción del riesgo percibido ha tenido un efecto directo sobre la rentabilidad ofrecida por los bonos de titulización emitidos. Además, no se encuentran evidencias de que la emisión de MBS persiga la transmisión efectiva de riesgos, más bien al contrario. Las Entidades de crédito, por lo general, han retenido los tramos de primeras pérdidas, lo que ha contribuido a mantener en niveles muy bajos (por debajo de la rentabilidad de la deuda soberana) la rentabilidad ofrecida por los MBS. Precisamente, el escaso diferencial ofrecido por los bonos de titulización se debe a que los tramos retenidos no han ofrecido primas de rentabilidad ajustadas al riesgo inherente.

Legislação do Parlasul : Regimento interno do Parlamento do Mercosul, Protocolo constitutivo do Parlamento do Mercosul e a Resolução do Congresso Nacional do Brasil nº 1 de 2011 = Legislación del Parlasur : Reglamento interno del Parlamento del Mercosur, Protocolo constitutivo del Parlamento del Mercosur y la Resolución del Congreso Nacional de Brasil nº de 2011

Apresenta a legislação do Parlamento do Mercosul - Parlasul.

Trabalhadores e o Ambiente de Trabalho no Poder Legislativo Federal Brasileiro: Edifício Doente ou Edifício Adoecedor?

Analisa os aspectos físicos e psicossociais dos oito departamentos que mais adoeceram na Câmara dos Deputados (CD) no período de novembro de 2012 a novembro de 2013, tendo por base a Síndrome do Edifício Doente (SED). Justifica-se devido à preocupação da CD em oferecer a seus trabalhadores uma gestão com ênfase em qualidade de vida no trabalho, o que inclui um ambiente saudável.