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.

In Search of the Origins of Modernism: Venice and the Crisis of Classical Architecture in the mid-eighteenth century

This paper attempts to prove that in the years 1735 to 1755 Venice was the birthplace and cradle of Modern architectural theory, generating a major crisis in classical architecture traditionally based on the Vitruvian assumption that it imitates early wooden structures in stone or in marble. According to its rationalist critics such as the Venetian Observant Franciscan friar and architectural theorist Carlo Lodoli (1690-1761) and his nineteenth-century followers, classical architecture is singularly deceptive and not true to the nature of materials, in other words, dishonest and fallacious. This questioning did not emanate from practising architects, but from Lodoli himself– a philosopher and educator of the Venetian patriciate – who had not been trained as an architect. The roots of this crisis lay in a new approach to architecture stemming from the new rationalist philosophy of the Enlightenment age with its emphasis on reason and universal criticism.

How different generations contact and search for brands on social media? Comparing gen X and Y

This research intends to examine if there were significant differences on the brand engagement and on the electronic word of mouth (e-WOM)1 referral intention through Facebook between Generation X and Generation Y (also called millennials). Also, this study intends to examine if there are differences in the motivations that drive these generations to interact with brands through Facebook. Results indicated that Generation Y members consumed more content on Facebook brands’ pages than Generation X. Also, they were more likely to have an e-WOM referral intention as well as being more driven by brand affiliation and opportunity seeking. Finally, currently employed individuals were found to contribute with more content than students. This study fills the gap in the literature by addressing how marketing professionals should market their brand and interact and engage with their customers, based on customers’ generational cohort.

Measurement of Spin Correlation in Top-Antitop Quark Events and Search for Top Squark Pair Production in pp Collisions at s√=8 TeV Using the ATLAS Detector

A measurement of spin correlation in tt¯ production is presented using data collected with the ATLAS detector at the Large Hadron Collider in proton-proton collisions at a center-of-mass energy of 8 TeV, corresponding to an integrated luminosity of 20.3 fb−1. The correlation between the top and antitop quark spins is extracted from dilepton tt¯ events by using the difference in azimuthal angle between the two charged leptons in the laboratory frame. In the helicity basis the measured degree of correlation corresponds to Ahelicity=0.38±0.04, in agreement with the Standard Model prediction. A search is performed for pair production of top squarks with masses close to the top quark mass decaying to predominantly right-handed top quarks and a light neutralino, the lightest supersymmetric particle. Top squarks with masses between the top quark mass and 191 GeV are excluded at the 95% confidence level.

Search for a CP-odd Higgs boson decaying to Zh in pp collisions at s=8TeV with the ATLAS detector

A search for a heavy, CP-odd Higgs boson, A, decaying into a Z boson and a 125 GeV Higgs boson, h, with the ATLAS detector at the LHC is presented. The search uses proton–proton collision data at a centre-of-mass energy of 8 TeV corresponding to an integrated luminosity of 20.3 fb−1. Decays of CP-even h bosons to ττ or bb pairs with the Z boson decaying to electron or muon pairs are considered, as well as h→bbh→bb decays with the Z boson decaying to neutrinos. No evidence for the production of an A boson in these channels is found and the 95% confidence level upper limits derived for View the MathML sourceσ(gg→A)×BR(A→Zh)×BR(h→ff¯) are 0.098–0.013 pb for f=τf=τ and 0.57–0.014 pb for f=bf=b in a range of mA=220–1000 GeVmA=220–1000 GeV. The results are combined and interpreted in the context of two-Higgs-doublet models.

Search for direct pair production of a chargino and a neutralino decaying to the 125 GeV Higgs boson in root s=8 TeV pp collisions with the ATLAS detector

A search is presented for the direct pair production of a chargino and a neutralino pp→χ~±1χ~02, where the chargino decays to the lightest neutralino and the W boson, χ~±1→χ~01(W±→ℓ±ν), while the neutralino decays to the lightest neutralino and the 125 GeV Higgs boson, χ~02→χ~01(h→bb/γγ/ℓ±νqq). The final states considered for the search have large missing transverse momentum, an isolated electron or muon, and one of the following: either two jets identified as originating from bottom quarks, or two photons, or a second electron or muon with the same electric charge. The analysis is based on 20.3 fb−1 of s√=8 TeV proton-proton collision data delivered by the Large Hadron Collider and recorded with the ATLAS detector. Observations are consistent with the Standard Model expectations, and limits are set in the context of a simplified supersymmetric model.

Search for H→γγ produced in association with top quarks and constraints on the Yukawa coupling between the top quark and the Higgs boson using data taken at 7 TeV and 8 TeV with the ATLAS detector

A search is performed for Higgs bosons produced in association with top quarks using the diphoton decay mode of the Higgs boson. Selection requirements are optimized separately for leptonic and fully hadronic final states from the top quark decays. The dataset used corresponds to an integrated luminosity of 4.5 fb−1 of proton--proton collisions at a center-of-mass energy of 7 TeV and 20.3 fb−1 at 8 TeV recorded by the ATLAS detector at the CERN Large Hadron Collider. No significant excess over the background prediction is observed and upper limits are set on the tt¯H production cross section. The observed exclusion upper limit at 95% confidence level is 6.7 times the predicted Standard Model cross section value. In addition, limits are set on the strength of the Yukawa coupling between the top quark and the Higgs boson, taking into account the dependence of the tt¯H and tH cross sections as well as the H→γγ branching fraction on the Yukawa coupling. Lower and upper limits at 95% confidence level are set at −1.3 and +8.0 times the Yukawa coupling strength in the Standard Model.

Search for higgs and Z boson decays to J/ψγ and (nS)γ with the ATLAS detector

A search for the decays of the Higgs and Z bosons to J/ψγ and Υ(nS)γ (n=1,2,3) is performed with pp collision data samples corresponding to integrated luminosities of up to 20.3fb−1 collected at s√=8TeV with the ATLAS detector at the CERN Large Hadron Collider. No significant excess of events is observed above expected backgrounds and 95% CL upper limits are placed on the branching fractions. In the J/ψγ final state the limits are 1.5×10−3 and 2.6×10−6 for the Higgs and Z bosons, respectively, while in the Υ(1S,2S,3S)γ final states the limits are (1.3,1.9,1.3)×10−3 and (3.4,6.5,5.4)×10−6, respectively.

Search for Higgs Boson Pair Production in the γγbb¯ Final State using pp Collision Data at s√=8TeV from the ATLAS Detector

Searches are performed for resonant and non-resonant Higgs boson pair production in the hh→γγbb¯ final state using 20 fb−1 of proton--proton collisions at a center-of-mass energy of 8TeV recorded with the ATLAS detector at the CERN Large Hadron Collider. A 95% confidence level upper limit on the cross section times branching ratio of non--resonant production is set at 2.2 pb, while the expected limit is 1.0 pb. The corresponding limit observed for a narrow resonance ranges between 0.8 and 3.5 pb as a function of its mass.

Search for high-mass diphoton resonances in pp collisions at s =8TeV with the ATLAS detector

This article describes a search for high-mass resonances decaying to a pair of photons using a sample of 20.3  fb−1 of pp collisions at s√=8  TeV recorded with the ATLAS detector at the Large Hadron Collider. The data are found to be in agreement with the Standard Model prediction, and limits are reported in the framework of the Randall-Sundrum model. This theory leads to the prediction of graviton states, the lightest of which could be observed at the Large Hadron Collider. A lower limit of 2.66 (1.41) TeV at 95% confidence level is set on the mass of the lightest graviton for couplings of k/M¯¯¯¯Pl=0.1 (0.01).

Search for massive supersymmetric particles decaying to many jets using the ATLAS detector in pp collisions at s√=8TeV

Results of a search for decays of massive particles to fully hadronic final states are presented. This search uses 20.3 fb−1 of data collected by the ATLAS detector in s√=8TeV proton--proton collisions at the LHC. Signatures based on high jet multiplicities without requirements on the missing transverse momentum are used to search for R-parity-violating supersymmetric gluino pair production with subsequent decays to quarks. The analysis is performed using a requirement on the number of jets, in combination with separate requirements on the number of b-tagged jets, as well as a topological observable formed from the scalar sum of the mass values of large-radius jets in the event. Results are interpreted in the context of all possible branching ratios of direct gluino decays to various quark flavors. No significant deviation is observed from the expected Standard Model backgrounds estimated using jet-counting as well as data-driven templates of the total-jet-mass spectra. Gluino pair decays to ten or more quarks via intermediate neutralinos are excluded for a gluino with mass mg~<1TeV for a neutralino mass mχ~01=500GeV. Direct gluino decays to six quarks are excluded for mg~<917GeV for light-flavor final states, and results for various flavor hypotheses are presented.

Search for new phenomena in events with a photon and missing transverse momentum in pp collisions at s√=8 TeV with the ATLAS detector

Results of a search for new phenomena in events with an energetic photon and large missing transverse momentum with the ATLAS experiment at the LHC are reported. Data were collected in proton--proton collisions at a center-of-mass energy of 8 TeV and correspond to an integrated luminosity of 20.3 fb−1. The observed data are well described by the expected Standard Model backgrounds. The expected (observed) upper limit on the fiducial cross section for the production of such events is 6.1 (5.3) fb at 95% confidence level. Exclusion limits are presented on models of new phenomena with large extra spatial dimensions, supersymmetric quarks, and direct pair production of dark-matter candidates.

Search for new phenomena in the dijet mass distribution using pp collision data at s√=8 TeV with the ATLAS detector

Dijet events produced in LHC proton--proton collisions at a center-of-mass energy s√=8 TeV are studied with the ATLAS detector using the full 2012 data set, with an integrated luminosity of 20.3 fb−1. Dijet masses up to about 4.5 TeV are probed. No resonance-like features are observed in the dijet mass spectrum. Limits on the cross section times acceptance are set at the 95% credibility level for various hypotheses of new phenomena in terms of mass or energy scale, as appropriate. This analysis excludes excited quarks with a mass below 4.09 TeV, color-octet scalars with a mass below 2.72 TeV, heavy W′ bosons with a mass below 2.45 TeV, chiral W∗ bosons with a mass below 1.75 TeV, and quantum black holes with six extra space-time dimensions with threshold mass below 5.82 TeV.

Search for Scalar-Charm Pair Production in pp Collisions at s√=8 TeV with the ATLAS Detector

The results of a dedicated search for pair production of scalar partners of charm quarks are reported. The search is based on an integrated luminosity of 20.3fb−1 of pp collisions at s√=8 TeV recorded with the ATLAS detector at the LHC. The search is performed using events with large missing transverse momentum and at least two jets, where the two leading jets are each tagged as originating from c-quarks. Events containing isolated electrons or muons are vetoed. In an R-parity-conserving minimal supersymmetric scenario in which a single scalar-charm state is kinematically accessible, and where it decays exclusively into a charm quark and a neutralino, 95% confidence-level upper limits are obtained in the scalar-charm—neutralino mass plane such that, for neutralino masses below 200 GeV, scalar-charm masses up to 490 GeV are excluded.