937 resultados para mutual fund


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Monografia (especialização) – Curso de Parlamento e Direito, Câmara dos Deputados, Centro de Formação, Treinamento e Aperfeiçoamento (Cefor), 2015.

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In this thesis we uncover a new relation which links thermodynamics and information theory. We consider time as a channel and the detailed state of a physical system as a message. As the system evolves with time, ever present noise insures that the "message" is corrupted. Thermodynamic free energy measures the approach of the system toward equilibrium. Information theoretical mutual information measures the loss of memory of initial state. We regard the free energy and the mutual information as operators which map probability distributions over state space to real numbers. In the limit of long times, we show how the free energy operator and the mutual information operator asymptotically attain a very simple relationship to one another. This relationship is founded on the common appearance of entropy in the two operators and on an identity between internal energy and conditional entropy. The use of conditional entropy is what distinguishes our approach from previous efforts to relate thermodynamics and information theory.

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[ES] El presente trabajo tiene como objeto el estudio de la eficiencia y persistencia de los rendimientos del total de fondos de inversión inmobiliaria españoles, desde el inicio de su actividad a finales de 1994 a agosto de 2012. Para este propósito se ha utilizado el alfa de Jensen, la ratio de Sharpe, y la aproximación propuesta por Carhart (1997). En cuanto a la eficiencia, la ratio de Sharpe presenta valores negativos en los tres primeros años de actividad de cada fondo y valores muy bajos o incluso negativos en los tres o cuatro últimos años. El indicador de Jensen muestra que la mayoría de los fondos presentan un rendimiento inferior al del mercado, aproximado mediante la rentabilidad de la vivienda y una media de la rentabilidad de todos los fondos inmobiliarios. Carteras de referencia vinculadas a los mercados de deuda o bolsa, no resultan significativas. En el análisis de la persistencia de los rendimientos se confirma su existencia a plazo de uno, dos, tres y cuatro años, para todos los fondos. La evidencia obtenida en nuestro trabajo para los fondos inmobiliarios en España, eficiencia inferior a la del mercado y persistencia en los rendimientos, nos permite confirmar la difícil situación que ha atravesado y en la que sigue inmersa este tipo de inversión colectiva, poniendo de manifiesto la necesidad y la urgencia de medidas impulsoras de su actividad.

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The crosstalk between naive nucleus and maternal factors deposited in egg cytoplasm before zygotic genome activation is crucial for early development. In this study, we utilized two laboratory fishes, zebrafish (Danio rerio) and Chinese rare minnow and Chinese rare minnow (Gobiocypris rarus), to obtain mutual crossbred embroys and examine the interaction between nucleus and egg cytoplasm from different species. Although these two types of crossbred embryos originated from common nuclei, various developmental capacities were gained due to different origins of the egg cytoplasm. Using cDNA amplified fragment length polymorphism (cDNA-AFLP), We Compared transcript profiles between the mutual crossbred embryos at two developmental stages (50%- and 90%-epiholy). Three thousand cDNA fragments were generated in four cDNA pools with 64 primer combinations. All differently displayed transcript-derived fragments (TDFs) were screened by (lot blot hybridization, and the selected sequences were further analyzed by semi-quantitative RT-PCR and quantitative real-time RT-PCR. Compared with ZR embryos, 12 genes were up-regulated and 12 were down-regulated in RZ embryos. The gene fragments were sequenced and subjected to BLASTN analysis. The sequences encoded various proteins which functioned at various levels of proliferation, growth, and development. One gene (ZR6), dramatically down-regulated in RZ embryos, was chosen for loss-of-function study; the knockdown of ZR6 gave rise to the phenotype resembling that of RZ embryos. (c) 2008 Elsevier Inc. All rights reserved.

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We study the mutual passivation of shallow donor and isovalent N in GaAs. We find that all the donor impurities, Si-Ga, Ge-Ga, S-As, and Se-As, bind to N in GaAsN, which has a large N-induced band-gap reduction relative to GaAs. For a group-IV impurity such as Si, the formation of the nearest-neighbor Si-Ga-N-As defect complex creates a deep donor level below the conduction band minimum (CBM). The coupling between this defect level with the CBM pushes the CBM upwards, thus restoring the GaAs band gap; the lowering of the defect level relative to the isolated Si-Ga shallow donor level is responsible for the increased electrical resistivity. Therefore, Si and N mutually passivate each other's electrical and optical activities in GaAs. For a group-VI shallow donor such as S, the binding between S-As and N-As does not form a direct bond; therefore, no mutual passivation exists in the GaAs(S+N) system.