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.

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Equity research report

Biomass production and essential oil yield from leaves, fine stems and resprouts using pruning the crown of Aniba canelilla (H.B.K.) (Lauraceae) in the Central Amazon

Aniba canelilla (H.B.K.) Mez. is a tree species from Amazon that produces essential oil. The oil extraction from its leaves and stems can be an alternative way to avoid the tree cutting for production of essential oil. The aim of this study was to analyse factors that may influence the essential oil production and the biomass of resprouts after pruning the leaves and stems of A. canelilla trees. The tree crowns were pruned in the wet season and after nine months the leaves and stems of the remaining crown and the resprouts were collected, in the dry season. The results showed that the essential oil yield and chemical composition differed among the stems, leaves and resprouts. The stems' essential oil production differed between the seasons and had a higher production in the resprouting stems than the old stems of the remaining crown. The production of essential oil and leaf biomass of resprouts were differently related to the canopy openness, indicating that light increases the production of the essential oil and decreases the biomass of resprouting leaves. This study revealed that plant organs differ in their essential oil production and that the canopy openness must be taken into account when pruning the A. canelilla tree crown in order to achieve higher oil productivity.

Rotary peeling yield of Schizolobium amazonicum (Leguminosae - Caesalpinioideae)

The tropical tree Schizolobium amazonicum is native from the Amazonian forest, naturally occurring in Brazil, Peru and Colombia. This work aimed to study the veneer yield made from this species. For this purpose, 50 logs from S. amazonicum were rotary peeled in a plywood industry installed in Brazilian Amazon region. The results indicated that S. amazonicum had a peeling yield similar or even higher than those usually obtained for species traditionally used for this purpose in Brazil, like those of Pinus and Eucalyptus. It was also observed that the dendrometric parameters of the log can be used to estimate the peeling yield in this species.

Yield of essential oil and safrole content based on fresh and dry biomass of long pepper in the Brazilian Amazon

Long pepper (Piper hispidinervum) is an Amazonian species of commercial interest due to the production of safrole. Drying long pepper biomass to extract safrole is a time consuming and costly process that can also result in the contamination of the material by microorganisms. The objective of this study was to analyze the yield of essential oil and safrole content of fresh and dried biomass of long pepper accessions maintained in the Active Germoplasm Bank of Embrapa Acre, in the state of Acre, Brazil, aiming at selecting genotypes with best performance on fresh biomass to recommend to the breeding program of the species. Yield of essential oil and safrole content were assessed in 15 long pepper accessions. The essential oil extraction was performed by hydrodistillation and analyzed by gas chromatography. A joint analysis of experiments was performed and the means of essential oil yield and safrole content for each biomass were compared by Student's t-test. There was variability in the essential oil yield and safrole content. There was no difference between the types of biomass for oil yield; however to the safrole content there was difference. Populations 9, 10, 12 and 15 had values of oil yield between 4.1 and 5.3%, and safrole content between 87.2 and 94.3%. The drying process does not interfere in oil productivity. These populations have potential for selection to the long pepper breeding program using oil extraction in the fresh biomass

Biotechnological approaches for yield improvement of anticancer alkaloids in the plant Catharanthus roseus

Dissertação de mestrado em Biologia Molecular, Biotecnologia e Bioempreendedorismo em Plantas

Improving diagnostic yield in obscure gastrointestinal bleeding - how virtual chromoendoscopy may be the answer

Background and aim: A significant proportion of patients presenting with obscure gastrointestinal bleeding (OGIB) have negative small bowel capsule endoscopy (SBCE) examinations, and yet remain at risk of rebleeding. We aimed to evaluate whether a second-look review of SBCE images using flexible spectral color enhancement (FICE) may improve the detection of potentially bleeding lesions. Materials and methods: This was a retrospective, single-center study including consecutive patients with OGIB subjected to SBCE, whose standard white light examination was nondiagnostic. Each SBCE was reviewed using FICE 1. New findings were labeled as either P1 or P2 lesions according to bleeding potential. Patients were followed up to assess the incidence of rebleeding. Results: A total of 42 consecutive patients were included. Sixteen patients (38%) experienced rebleeding after a mean follow-up of 26 months. Review of SBCE images using FICE 1 enabled the identification of previously unrecognized P2 lesions, mainly angioectasias, in nine patients (21%) and P1 lesions, mainly erosions, in 26 patients (62%). Among patients who experienced rebleeding, 13/16 (81%) were diagnosed with P1 lesions with FICE 1 (P=0.043), whereas 3/16 (19%) had confirmed nondiagnostic SBCE and only 1/16 (6%) had newly diagnosed P2 (plus P1) lesions. An alternative source of bleeding outside the small bowel was found in only 3/16 (19%) patients with rebleeding during the follow-up. Conclusion: In a significant proportion of patients with OGIB, FICE 1 may detect potentially bleeding lesions previously missed under conventional white light SBCE. Review of nondiagnostic SBCE with FICE 1 may be a valuable strategy to obviate the need for further investigations in patients with OGIB, particularly for those who experience rebleeding.

Nutrient deficiencies in apple plants (Pyrus malus L.)

A trial was carried out with one year old 'Ohio Beauty apples (grafted on 'Doucin'), grown on sand cu1ture, receining nutrient solutions lacking the following nutrients at the time: N, P, K, Ca, Mg, S, and B. The main conclusions are as follows: as the adequate and inadequate levels from leaf analysis were, respectively: N -2.22 and 1.53%, P - 0,17 and 0.05%, K - 1.32 and 0.33%; Ca -0.9.4 and 0.52%, Mg - 0.37 and 0.06%; S -0.18 and 0.08%; B -62 and 2k ppm.

Absorption and nutrient concentration in apple (Pyrus mains L.)

In order to obtain the following informations: a) dry matter production and extraction of nutrients by the fruits at different ages; b) dry matter production and extraction of nutrient by the leaves and "trunk + branches" collected at the flowering stage; c) dry matter production and export of nutrients by pruning (leaves and branches) at the begining dormant stage; A trial was conducted on Latossolo Vermelho Escuro Orto group (Orthox) at Buri, São Paulo State, Brazil. The material was collected from 'Ohio Beauty' and 'Brazil' apples grafted on 'Doucin' 1-2; 3-4; 4-5 and 6-7 years old. The main conclusions were as follows: a) differences were observed on dry matter production by two varieties at the different stages of growth; b) differences were also observed between the two varieties on the matter production in the leaves and "trunk + branches" at the flowering stage, as well as by the leaves and branches pruned at the begining of dormant stages; c) differences were observed betwen the two varieties concerning to nutrient concentration (on dry matter basis) on the fruits collected at different stages of growth. Same results were observed on leaves and "trunk + branches" collected at flowering period; d) differences were observed on the exportation of the nutrients referring to growth period of fruit; e) at the flowering and dormant period, differences were observed on the contents of nutrients in the leaves, 'trunk + branches', on the two varieties; f) the nutrient exportation by the fruits obyed the following order: K>N>P>S>Ca>Mg>Fe>B > Cu > Mn > Zn > Mo; g) the nutrient extration by the aerial part the apple trees obyed the following order: N > K > Ca > Mg > P > S > Fe > B > Cu = Mn = Zn.

Growth and exportation of nutrients by apple fruits

In order to obtain informations concerning the dry matter production and extraction of nutrients by the fruits of the varieties 'Ohio Beauty' and 'Brasil', a trial was conducted on a Latossol Vermelho Escuro-Orto (USTOX) at Buri , State of São Paulo, Brazil. The fruits were collected from trees grafted on 'Doucin' being 1-2; 3-4; 4-5, and 6-7 years old. Chemical analysis were run on the fruits for: N, P, K, Ca, Mg, S, B, Cu, Fe, Mn, Zn, and Mo; as well for the dry mat ter production. The main conclusions are as follows: a) differences were observed on dry matter production of fruits by the two varieties at the different stages of growth; b) differences were observed on exportation of nutrients between the two varieties concerning the fruit growth period- the nutrient exportation by the fruits obeyed following order: K>N>P>S>Ca>Mg>Fe>B > Cu > Mn > Zn > Mo.

Dry matter production and nutrient exportation by pruned leaves and branches of apple trees

A trial was conducted on Latossol Vermelho Escuro Orto (Orthox) at Buri, State of São Paulo, Brazil. The material was collected from 'Ohio Beauty¹ and 'Brasil¹ apples trees grafted on 'Doucin'; the trees were 3-4, 4-5 and 6-7 years old. The authors concluded that at the dormant period differen ces were observed on the dry matter production as well on the nutrients exported by the leaves and branches of the two varieties. Branches exported higher amounts of P, Ca, B, Cu and Zn. Larger quantities of N, P and Mn were exported by the 1 eaves.

Concentration of nutrients in the apple fruits at different ages

On an apple grove situated at Buri, State of São Paulo, fruits were collected from trees 1-2; 3-4; 4-5, and 6 - 7 years old. The fruits were analysed for N, P, K, Ca, Mg, S, B, Cu, Fe, Mn and Zn. The authors concluded: a) the concentrations of the nutrients in the fruits differ according to the variety, age of the tree and age of the fruit; b) the concentrations of nutrients decrease with aging of the fruits; c) the concentrations of the macronutrients obey the following order: N>K>P>Ca>S> Mg; d) for the micronutrients, the following order was ob -served: Fe > B > Mn > Cu > Zn.

Not all university degrees yield the same return: private and social returns to higher education for males in Spain

In this paper we use micro data from the Spanish Family Expenditure Survey for 1990 to estimate, for the first time, the private and social rates of return of different university degrees in Spain. We compute internal rates of return and include investment on higher education financed by the public purse to estimate social rates of return. Our main finding is that, as presumed, there is large heterogeneity in rates of return amongst different university

Black Yield

Combined media on paper. 40" x 90"

Does abdominoplasty with liposuction of the love handles yield a shorter scar? An analysis with abdominal 3D laser scanning.

The aim of this study was to evaluate the combination of abdominoplasty with liposuction of both flanks with regards to length of scar, complications, and patient's satisfaction. A retrospective analysis of 35 patients who underwent esthetic abdominoplasty at our institution between 2002 and 2004 was performed. Thirteen patients underwent abdominoplasty with liposuction of both flanks, 22 patients underwent conventional abdominoplasty. Liposuction of the flanks did not increase the rate of complications of the abdominoplasty procedures. We found a tendency toward shorter scars in patients who underwent abdominoplasty combined with liposuction of the flanks. Implementation of 3-dimensional laser surface scanning to objectify the postoperative outcomes, documented a comparable degree of flatness of the achieved body contouring in both procedures. 3-dimensional laser surface scanning can be a valuable tool to objectify assessment of postoperative results.