Portugal's Quota-Parity Law: An Analysis of its Adoption

In August 2006, Portugal approved a new quota law, called the parity law. According to this, all candidate lists presented for local, parliamentary, and European elections must guarantee a minimum representation of 33 per cent for each sex. This article analyses the proximate causes that led to the adoption of gender quotas by the Portuguese Parliament. The simple answer is that the law’s passage was a direct consequence of a draft piece of legislation presented by the Socialist Party (PS), which enjoyed a majority. However, the reasons that led the PS to push through a quota law remain unclear. Using open-ended interviews with key women deputies from all the main Portuguese political parties, and national public opinion data, among other sources, the role of four actors/factors that were involved in the law’s adoption are critically examined: notably, civil society actors, state actors, international and transnational actors, and the Portuguese political context.

Leptonic CP violation

Several topics on CP violation in the lepton sector are reviewed. A few theoretical aspects concerning neutrino masses, leptonic mixing, and CP violation will be covered, with special emphasis on seesaw models. A discussion is provided on observable effects which are manifest in the presence of CP violation, particularly, in neutrino oscillations and neutrinoless double beta decay processes, and their possible implications in collider experiments such as the LHC. The role that leptonic CP violation may have played in the generation of the baryon asymmetry of the Universe through the mechanism of leptogenesis is also discussed.

A new bridge between leptonic CP violation and leptogenesis

Flavour effects due to lepton interactions in the early Universe may have played an important role in the generation of the cosmological baryon asymmetry through leptogenesis. If the only source of high-energy CP violation comes from the left-handed leptonic sector, then it is possible to establish a bridge between flavoured leptogenesis and low-energy leptonic CP violation. We explore this connection taking into account our present knowledge about low-energy neutrino parameters and the matter-antimatter asymmetry observed in the Universe. In this framework, we find that leptogenesis favours a hierarchical light neutrino mass spectrum, while for quasi-degenerate and inverted hierarchical neutrino masses there is a very narrow allowed window. The absolute neutrino mass scale turns out to be m less than or similar to 0.1 eV. (c) 2007 Elsevier B.V. All rights reserved.

Risk parity: True versus naive approach

This paper studies the performance of two different Risk Parity strategies, one from Maillard (2008) and a “naïve” that was already used by market practitioners, against traditional strategies. The tests will compare different regions (US, UK, Germany and Japan) since 1991 to 2013, and will use different ways of volatility. The main findings are that Risk Parity outperforms any traditional strategy, and the “true” (by Maillard) has considerable better results than the “naïve” when using historical volatility, while using EWMA there are significant differences.

Introducing risk parity on momentum and carry portfolios

The momentum and carry anomalies have been extensively documented in the literature. However, there are still many issues relating to the risks associated to them that are left unexplained. One is the fact that an investor holds for too long the most volatile assets, both under momentum and carry strategies. Therefore, they present a level of risk and a probability of extreme events to happen inconsistent. This work project hypothesizes and proves the introduction of risk parity rules on the weights of the portfolios do increase risk rewarding of carry strategies. However, it fails under momentum strategies.

The Seemingly Unrelated Dynamic Cointegration Regression Model and Testing for Purching Power Parity.

This paper studies seemingly unrelated linear models with integrated regressors and stationary errors. By adding leads and lags of the first differences of the regressors and estimating this augmented dynamic regression model by feasible generalized least squares using the long-run covariance matrix, we obtain an efficient estimator of the cointegrating vector that has a limiting mixed normal distribution. Simulation results suggest that this new estimator compares favorably with others already proposed in the literature. We apply these new estimators to the testing of purchasing power parity (PPP) among the G-7 countries. The test based on the efficient estimates rejects the PPP hypothesis for most countries.