Capacidades de Timing e Selectividade dos Gestores de Fundos de Investimento Mobiliário: Evidência Empírica para o Caso Português

Com esta investigação propomos analisar o desempenho de uma amostra de fundos de investimento mobiliário portugueses, durante o período Janeiro de 2002 a Dezembro de 2009, utilizando a medida de Jensen (1968) e a metodologia de timing proposta por Henriksson e Merton (1981). Os resultados obtidos pela medida de Jensen sugerem que, no geral, os fundos têm desempenhos inferiores ao mercado na ordem dos 0,34% ao ano. Contudo este valor não é estatisticamente significante. Os fundos internacionais conseguem “bater” o mercado, enquanto os fundos nacionais e fundos da União Europeia têm desempenhos inferiores. Tendo por base a medida de Henriksson e Merton (1981), verificamos que os gestores possuem poucas capacidades de selectividade (0,42% ao ano) e falham nas suas previsões quanto à evolução do mercado – timing. Enquanto os gestores internacionais parecem evidenciar melhores capacidades de selectividade, os gestores nacionais registam melhores capacidades de timing. Os resultados sugerem igualmente que existe uma acentuada correlação negativa entre ambas as componentes do desempenho e uma distance effect na componente timing. Os testes realizados através de metodologias não condicionais e condicionais confirmam a robustez dos resultados iniciais em relação à especificação do modelo. No entanto, sugerem que, em média, a introdução de factores de risco adicionais e sua posterior combinação com informação condicional em pouco afecta as estimativas de timing, mas melhora os coeficientes de determinação e as estimativas de selectividade, sendo, em média, os alfas condicionais maiores que os alfas não condicionais.

Characterization of functional role of α-ketoglutarate receptor in the kidney : role of the intrinsic circadian timing system in renin expressing cells

Le rein joue un rôle essential dans le maintien de l'homéostasie des fluides extracellulaires (FEC) et la pression artérielle. L'objectif de notre groupe est d'identifier de nouveaux mécanismes impliqués dans le contrôle de l'homéostasie des FEC et de la pression artérielle par le rein. Projet 1) Caractérisation du rôle fonctionnel du récepteur à l'a-cétogluatarate Oxgrl dans le rein Oxgrl est le récepteur spécifique de l'a-cétogluatarate, une moléule intermédiaire du cycle de l'acide citrique, filtrée par le rein et réabsorbée ou secrétée au niveau des tubules proximaux. Le rôle fonctionnel de ces deux récepteurs reste inconnu. Nos résultats montrent qu'Oxgrl est localisé au niveau des cellules intercalaires du tube collecteur (CCD). Des souris (Oxgrr/_) montrent une diminution du pH urinaire ,une augmentation de la concentration de l'acide urinaire titrable et une augmentation des niveaux d'a-cétoglutarate. Le traitement au Na-bicarbonate provoque une augmentation plus prononcée de l'alcalose métabolique chez les souris Oxgrl"7"' accompagnée d'une augmentation de la concentration de bicarbonate et une diminution du niveau de chlore plasmatique. En parallèle, des études de microperfusion ont montré que a-cétoglutarate stimule la réabsorption éléctroneutre de NaCl dans le CCD des souris de type sauvage mais pas des souris Oxgrl"7". En résumé, ces résultats montrent que l'a-cétoglutarate joue un rôle de molécule messagère du tubule proximal jusqu'au tube collecteur au niveau du rein et qu'Oxgrl pourrait être impliqué dans la régulation de l'échange Cl/bicarbonate et la réabsorption du NaCl dans les cellules intercalées. Projet 2) Rôle du système circadien dans les cellules productrices de rénine. Le système chronologique circadien est un mécanisme moléculaire ubiquitaire qui permet à l'organisme de coordonner ses fonctions principales en fonction du temps géophysique. Comme l'activité de la rénine plasmatique montre une rythmicité circadienne nette chez l'homme et la souris ; dans ce projet, nous avons abordé la question à savoir dans quelle mesure le système circadien est impliqué dans cette variabilité circadienne. Pour cela, le gène Bmall, élément principal de l'horloge moléculaire, a été perturbé dans les cellules granulaires productrices de rénine par le système Cre-LoxP. Nos résultats montrent que les souris Renld- Cre/Bmalllox/lox (cKO) présentent de faibles taux d'ARNm de Reni, altèrent la dynamique d'expression de la protéine rénine, mais il le niveau de concentration plasmatique de la rénine reste le même. Cependant, les souris cKO montrent une réduction significative de la concentration plasmatique de l'aldostérone. Nos analyses de l'urine récupérée dans des intervalles de temps de 24 et 1 heure montrent une augmentation du volume urinaire, une tendance à une hypercalciurie, ainsi qu'une altération de la dynamique d'excrétion urinaire de sodium chez les souris cKO. Plusieurs gènes impliqués dans la production/sécrétion de la rénine et dans le contrôle de la fonction rénale montrent une altération de l'expression circadienne d'ARNm. Par ailleurs, les souris cKO montrent une baisse significative de la pression artérielle. Nos résultats suggèrent que l'horloge intrinsèque des cellules productrices de la rénine joue un rôle important dans le control des FEC et l'homéostasie de la pression artérielle via régulation de la fonction rénale.

Contrasting magma types and timing of intrusion in the Permian layered mafic complex of Mont Collon (Western Alps, Valais, Switzerland): evidence from U/Pb zircon and 40Ar/39Ar amphibole dating

We have selected and dated three contrasting rock-types representative of the magmatic activity within the Permian layered mafic complex of Mont Collon, Austroalpine Dent Blanche nappe, Western Alps. A pegmatitic gabbro associated to the main cumulus sequence yields a concordant U/Pb zircon age of 284.2 +/- 0.6 Ma, whereas a pegmatitic granite dike crosscutting the latter yields a concordant age of 282.9 +/- 0.6 Ma. A Fe-Ti-rich ultrabasic lamprophyre, crosscutting all other lithologies of the complex, yields an 40Ar/39Ar plateau age of 260.2 +/- 0.7 Ma on a kaersutite concentrate. All ages are interpreted as magmatic. Sub-contemporaneous felsic dikes within the Mont Collon complex are ascribed to anatectic back-veining from the country-rock, related to the emplacement of the main gabbroic body in the continental crust, which is in accordance with new isotopic data. The lamprophyres have isotopic compositions typical of a depleted mantle, in contrast to those of the cumulate gabbros, close to values of the Bulk Silicate Earth. This indicates either contrasting sources for the two magma pulses - the subcontinental lithospheric mantle for the gabbros and the underlying asthenosphere for the lamprophyres - or a single depleted lithospheric source with variable degrees of crustal contamination of the gabbroic melts during their emplacement in the continental crust. The Mont Collon complex belongs to a series of Early Permian mafic massifs, which emplaced in a short time span about 285-280 Ma ago, in a limited sector of the post-Variscan continental crust now corresponding to the Austroalpine/ Southern Alpine domains and Corsica. This magmatic activity was controlled in space and time by crustal-scale transtensional shear zones.

Impact of navigator timing on free-breathing submillimeter 3D coronary magnetic resonance angiography.

The purpose of this study was to investigate the impact of navigator timing on image quality in navigator-gated and real-time motion-corrected, free-breathing, three-dimensional (3D) coronary MR angiography (MRA) with submillimeter spatial image resolution. Both phantom and in vivo investigations were performed. 3D coronary MRA with real-time navigator technology was applied using variable navigator time delays (time delay between the navigator and imaging sequences) and varying spatial resolutions. Quantitative objective and subjective image quality parameters were assessed. For high-resolution imaging, reduced image quality was found as a function of increasing navigator time delay. Lower spatial resolution coronary MRA showed only minor sensitivity to navigator timing. These findings were consistent among volunteers and phantom experiments. In conclusion, for submillimeter navigator-gated and real-time motion-corrected 3D coronary MRA, shortening the time delay between the navigator and the imaging portion of the sequence becomes increasingly important for improved spatial resolution.

Timing of seasonal sales

We present a model of timing of seasonal sales where stores chooseseveral designs at the beginning of the season without knowingwich one, if any, will be fashionable. Fashionable designs have achance to fetch high prices in fashion markets while non-fashionableones must be sold in a discount market. In the beginning of theseason, stores charge high prices in the hope of capturing theirfashion market. As the end of the season approaches with goods stillon the shelves, stores adjust downward their expectations that theyare carrying a fashionable design, and may have sales to capture thediscount market. Having a greater number of designs induces a storeto put one of them on sales earlier to test the market. Moreover,price competition in the discount market induces stores to startsales earlier because of a greater perceived first-mover advantage incapturing the discount market. More competition, perhaps due todecreases in the cost of product innovation, makes sales occur evenearlier. These results are consistent with the observation that thetrend toward earlier sales since mid-1970's coincides with increasingproduct varieties in fashion good markets and increasing storecompetition.

On the timing of balance of payments crises: Disaggregated information and interest rate policy

This paper proposes a dynamic framework to study the timing of balance of paymentscrises. The model incorporates two main ingredients: (i) investors have private information; (ii)investors interact in a dynamic setting, weighing the high returns on domestic assets against the incentives to pull out before the devaluation. The model shows that the presence of disaggregated information delays the onset of BOP crises, giving rise to discrete devaluations. It also shows that high interest rates can be eective in delaying and possibly avoiding the abandonment of the peg. The optimal policy is to raise interest rates sharply as fundamentals become very weak. However, this policy is time inconsistent, suggesting a role for commitment devices such as currency boards or IMF pressure.

The timing of foreign direct investment under uncertainty: Evidence from the Spanish banking sector

This paper investigates the timing of foreign direct investment (FDI) in the banking sector. The importance of this issue would arise from the existence of differential benefits associated to be the first entrant in a foreign location. Nevertheless, when uncertainty is considered, the existence of some Ownership-Location-Internalization (OLI) advantages can make FDI less reversible and/or more delayable and therefore it may be optimal for the firm to delay the investment until the uncertainty is resolved. In this paper, the nature of OLI advantages in the banking sector has been examined in order to propose a prognostic model of the timing of foreign direct investment. The model is then tested for the Spanish case using duration analysis.

Mémoire relatif à la carte des vallées d'Aspe, d'Ossau, d'Asson, d'Azun et Barretous, dans les montagnes des Pirennées, depuis Oleron jusques aux vallées de Canfran, et de Biescas frontiere de l'Arragon, visitées, et corrigées par M.rs d'Arnou, et Touros dans le mois de 7.bre 1753

Ancien possesseur : Argenson, Antoine-René de Voyer (1722-1787 ; marquis de Paulmy d')

Mémoire relatif au projet général des fortifications de Barrault

Ancien possesseur : Argenson, Antoine-René de Voyer (1722-1787 ; marquis de Paulmy d')

CAPACIDADES DE TIMING E SELECTIVIDADE DOS GESTORES DE FUNDOS DE INVESTIMENTO MOBILIÁRIO: EVIDÊNCIA EMPÍRICA PARA O CASO PORTUGUÊS

Com esta investigação propomos analisar o desempenho de uma amostra de fundos de investimento mobiliário portugueses, entre Janeiro de 2002 e Dezembro de 2009, mediante a aplicação da medida de Jensen (1968) e da metodologia de timing proposta por Henriksson e Merton (1981). Os resultados obtidos pela medida de Jensen sugerem que no geral os fundos têm desempenhos inferiores ao mercado, na ordem dos 0,34% ao ano. Contudo este valor não é estatisticamente significativo. Os fundos internacionais conseguem “bater” o mercado enquanto os fundos nacionais e fundos da União Europeia têm desempenhos inferiores. Tendo por base a medida de Henriksson e Merton (1981), verificamos que os gestores possuem poucas capacidades de selectividade (0,42% ao ano) e falham nas suas previsões quanto à evolução do mercado – timing. Enquanto os gestores internacionais parecem evidenciar melhores capacidades de selectividade, os gestores nacionais registam melhores capacidades de timing. Os resultados sugerem igualmente a existência de uma acentuada correlação negativa entre ambas as componentes do desempenho e uma distance effect na componente timing. Os testes realizados através de metodologias não condicionais e condicionais confirmam a robustez dos resultados iniciais em relação à especificação do modelo de Henriksson e Merton (1981). No entanto, sugerem que em média a introdução de factores de risco adicionais e sua posterior combinação com informação condicional em pouco afectam as estimativas de timing, mas melhoram os coeficientes de determinação e as estimativas de selectividade, sendo em média os alfas condicionais maiores que os alfas não condicionais.

The impact of eliminating a child benefit on birth timing and infant health

We study the effects of the cancellation of a sizeable child benefit in Spainon birth timing and neonatal health. In May 2010, the government announced that a2,500-euro universal "baby bonus" would stop being paid to babies born startingJanuary 1, 2011. We use detailed micro data from birth certificates from 2000 to 2011,and find that more than 2,000 families were able to anticipate the date of birth of theirbabies from (early) January 2011 to (late) December 2010 (for a total of about 10,000births a week nationally). This shifting took place in part via an increase as well as ananticipation of pre-programmed c-sections, seemingly mostly in private clinics. We findthat this shifting of birthdates resulted in a significant increase in the number ofborderline low birth weight babies, as well as a peak in neonatal mortality. The resultssuggest that announcement effects are important, and that families and healthprofessionals may face effective trade-offs when deciding on the timing (and method) ofbirth.