Simultaneous optical and X-ray observations of flares and rotational modulation on the RS CVn binary HR 1099 (V711 Tau) from the MUSICOS 1998 campaign

We present simultaneous and continuous observations of the Halpha, Hbeta, He I D-3, Na I D-1,D-2 doublet and the Ca II H&K lines for the RS CVn system HR 1099. The spectroscopic observations were obtained during the MUSICOS 1998 campaign involving several observatories and instruments, both echelle and long-slit spectrographs. During this campaign, HR 1099 was observed almost continuously for more than 8 orbits of 2.(d)8. Two large optical flares were observed, both showing an increase in the emission of Halpha, Ca II H K, Hbeta and He I D-3 and a strong filling-in of the Na I D-1, D-2 doublet. Contemporary photometric observations were carried out with the robotic telescopes APT-80 of Catania and Phoenix-25 of Fairborn Observatories. Maps of the distribution of the spotted regions on the photosphere of the binary components were derived using the Maximum Entropy and Tikhonov photometric regularization criteria. Rotational modulation was observed in Halpha and He I D-3 in anti-correlation with the photometric light curves. Both flares occurred at the same binary phase (0.85), suggesting that these events took place in the same active region. Simultaneous X-ray observations, performed by ASM on board RXTE, show several flare-like events, some of which correlate well with the observed optical flares. Rotational modulation in the X-ray light curve has been detected with minimum flux when the less active G5 V star was in front. A possible periodicity in the X-ray flare-like events was also found.

Non-radial pulsation, rotation and outburst in the Be star omega Orionis from the MuSiCoS 1998 campaign

omega Ori (HD37490, HR1934) is a Be star known to have presented variations. In order to investigate the nature and origin of its short-term and mid-term variability, a study is performed of several spectral lines (Halpha, Hdelta, HeI 4471, 4713, 4921, 5876, 6678, CII 4267, 6578, 6583, Mg II 4481, Si III 4553 and Si II 6347), based on 249 high signal-to-noise high-resolution spectra taken with 8 telescopes over 22 consecutive nights during the MuSiCoS (Multi SIte COntinuous Spectroscopy) campaign in November-December 1998. The stellar parameters are revisited and the projected rotational velocity (v sin i = 179 km s(-1)) is redetermined using several methods. With the MuSiCoS 98 dataset, a time series analysis of line-profile variations (LPVs) is performed using the Restricted Local Cleanest (RLC) algorithm and a least squares method. The behaviour of the velocity of the centroid of the lines, the equivalent widths and the apparent vsini for several lines, as well as Violet and Red components of photospheric lines affected by emission (red He i lines, Si II 6347, CII 6578, 6583) are analyzed. The non-radial pulsation (NRP) model is examined using phase diagrams and the Fourier-Doppler Imaging (FDI) method. The LPVs are consistent with a NRP mode with l = 2 or 3, \m\ = 2 with frequency 1.03 cd(-1). It is shown that an emission line outburst occurred in the middle of the campaign. Two scenarios are proposed to explain the behaviour of a dense cloud, temporarily orbiting around the star with a frequency 0.46 c d(-1), in relation to the outburst.

Mutual Funds and Mispriced Stocks

We find a strong negative predictive relation between the propensity of active mutual funds to hold overpriced stocks and their subsequent performance. High-propensity funds, or overpriced funds, display poor stock picking skills as they further purchase overpriced stocks during episodes of fund inflows. Interestingly, overpriced funds attract considerable capital inflows during high sentiment episodes, after controlling for the effects of past fund performance. The overall evidence is consistent with the notion that overpriced funds, unable to improve their stock picking skills through time, target optimistic investors by engaging in marketing activities and catering to preferences for skewed returns.

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.

Campaign speech of W.D. Mayfield [for re-election as State Superintendent of Education]

This speech was given by Mr. Mayfield while running for re-election to the office of State Superintendent of Education. He gives evidence and reasons that he should be re-elected. He also talks about his future plans for if he does get re-elected.

‘Sport for Yes’? The Precarious Positioning of Scottish Athletes in the Scottish Independence Referendum Campaign.

This paper will critically consider the implications for Scottish athletes who have publicly stated their personal opinion on the Scottish independence referendum. Developments such as the inclusion of sport within the Scottish Government’s White Paper on Scottish independence, the establishment of the ‘Working Group on Scottish Sport’ and the establishment of the ‘Sport for Yes’ campaign group demonstrate the harnessing of sporting issues as an additional, if somewhat peripheral, debate point in the referendum campaigns (Lafferty, 2014; Scottish Government, 2013; Working Group on Scottish Sport, 2013, 2014). The latter of these developments, the establishment of the ‘Sport for Yes’ campaign group, is of particular interest, offering evidence of the explicit political mobilisation of past and present athletes in support of the ‘Yes Scotland’ pro-independence campaign. Whilst the pro-union ‘Better Together’ campaign does not possess a comparable group to the ‘Sport for Yes’ example, examples of athletes discussing the potential negative impact of Scottish independence on the funding and organisation of Scottish sport have been capitalised upon by pro-union campaigners, as exemplified in the comments of Sir Chris Hoy (BBC, 2013; Daily Record, 2013a). Given the negative reaction to Hoy’s comments from certain pro-independence campaigners (Daily Record, 2013b; Swanson, 2013), other Scottish athletes have understandably attempted to avoid controversy by refusing to align with either side of the referendum debate. This paper will therefore consider the potential pitfalls for athletes who publicly announce their political positions, whilst also scrutinising the extent to which such pronouncements are of political significance, drawing upon past academic analyses of the interrelationship between sport and politics (e.g. Coghlan, 1990; Houlihan, 1994; Jeffreys, 2012; Macfarlane, 1986; Whannel, 2008).

The 2015 Portuguese Legislative Election: Widening the Coalitional Space and Bringing the Extreme Left in

This article provides an overview of the Portuguese legislative election held on 4 October 2015 by exploring the economic and political context in which the election took place, the opinion polls, party positions and campaign issues, the results and, finally, the process that led to the formation of the first Socialist minority government supported by far-left parties. Due to this outcome, despite the relative majority of the votes obtained by the incumbent centre-right coalition, we argue that this election result cannot be interpreted as a victory of austerity, but rather as the first step towards contract parliamentarism in Portugal.

Pricing of exchange traded funds

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

Tracking error of exchange-traded funds: Evidence from the UK

This paper is mainly concerned with the tracking accuracy of Exchange Traded Funds (ETFs) listed on the London Stock Exchange (LSE) but also evaluates their performance and pricing efficiency. The findings show that ETFs offer virtually the same return but exhibit higher volatility than their benchmark. It seems that the pricing efficiency, which should come from the creation and redemption process, does not fully hold as equity ETFs show consistent price premiums. The tracking error of the funds is generally small and is decreasing over time. The risk of the ETF, daily price volatility and the total expense ratio explain a large part of the tracking error. Trading volume, fund size, bid-ask spread and average price premium or discount did not have an impact on the tracking error. Finally, it is concluded that market volatility and the tracking error are positively correlated.