Planning the neighbourhood economy:land-use plans and the economic potential of urban residential neighbourhoods in the Netherlands

This article investigates the relationship between zoning by-laws, as put forward in governmental land-use plans and the viability of urban residential neighbourhood economies. The Dutch planning tradition has long been characterized by strict separation of functions and top-down planning. We argue that profound changes in social and economic structures make land-use planning practices less suitable for the current policy formula of "mixed urban milieus". Although the residential neighbourhood might not be the location of large firms, it definitely attracts small ones, and facilitates starting businesses whose presence (and potential growth) can be beneficial to the city as a whole. We present a typology of spatial patterns of neighbourhood economies based on land-use plans and describe whether these are related to the distinctive economic development of the neighbourhood over the period 1999-2007. © 2013 Taylor & Francis.

Micro-Foundations of Financialization. Status Anxiety and the Market for Consumer Credit in Chile

This project investigates why people in Chile acquired so much consumer debt in contexts of material prosperity, and asks what the role of inequality and commodification is in this process. The case raises an important challenge to the literature. Insofar as existing accounts assume that the financialization of consumption occurs in contexts marked by wage stagnation and a general deterioration of the middle classes, they engender two contradictory explanations: while political economists argue that people use credit in order to smooth their consumption in the face of market volatility, economists maintain that concentration of wealth at the top pushes middle income consumers to emulate the expenditures of the rich and consume beyond their means. These explanations do not necessarily fit the reality of developing countries. Triangulating in-depth interviews with middle class families, multivariate statistical analysis and secondary literature, the project shows that consumers in Chile use credit to finance “ordinary” forms of consumption that do not aim either at coping with market instability or emulating and signaling status to others. Rather, Chileans use department store credit cards in order to acquire a standard package of “inconspicuous” goods that they feel entitled to have. From this point of view, the systematic indebtedness of consumers originates in a major concern with “rank”, “achievement” and "security" that – following De Botton -- I call “status anxiety”. Status anxiety does not stem from the desire to emulate rich consumers, but from the impossibility of complying with normative expectations about what a middle class family should be (and have) that outweigh wage improvements. The project thus investigates the way in which “status anxiety” is systematically reproduced by means of two broad mechanisms that prompt people to acquire consumer debt. The first mechanism generating debt stems from an increase of real wages and high levels of inequality. It is explained by a general sociological principle known as relative deprivation, which points to the fact that general satisfaction with one´s income, possessions or status, is assessed not in absolute terms such as total income, but in relation with reference groups. In this sense, I explore the mechanisms that operate as catalyzers of relative deprivation, by making explicit social inequalities and distorting the perception of others´ wealth. Despite upward mobility and economic improvement, Chileans share the perception of “falling behind,” which materializes in an “imaginary middle class” against which people compare their status, possessions and economic independence. Finally, I show that the commodification of education, health and pension funds does not directly prompt people to acquire consumer debt, but operate as “income draining” mechanisms that demand higher shares of middle class families’ “discretionary income.” In combination with “relative deprivation,” these “income draining” mechanisms leave families with few options to perform their desired class identities, other than learning how to bring resources from the future into the present with the help of department store credit cards.

The TOMO-ETNA experiment: an imaging active campaign at Mt. Etna volcano. Context, main objectives, working-plans and involved research projects

The TOMO-ETNA experiment was devised to image of the crust underlying the volcanic edifice and, possibly, its plumbing system by using passive and active refraction/reflection seismic methods. This experiment included activities both on-land and offshore with the main objective of obtaining a new high-resolution seismic tomography to improve the knowledge of the crustal structures existing beneath the Etna volcano and northeast Sicily up to Aeolian Islands. The TOMO ETNA experiment was divided in two phases. The first phase started on June 15, 2014 and finalized on July 24, 2014, with the withdrawal of two removable seismic networks (a Short Period Network and a Broadband network composed by 80 and 20 stations respectively) deployed at Etna volcano and surrounding areas. During this first phase the oceanographic research vessel “Sarmiento de Gamboa” and the hydro-oceanographic vessel “Galatea” performed the offshore activities, which includes the deployment of ocean bottom seismometers (OBS), air-gun shooting for Wide Angle Seismic refraction (WAS), Multi-Channel Seismic (MCS) reflection surveys, magnetic surveys and ROV (Remotely Operated Vehicle) dives. This phase finished with the recovery of the short period seismic network. In the second phase the Broadband seismic network remained operative until October 28, 2014, and the R/V “Aegaeo” performed additional MCS surveys during November 19-27, 2014. Overall, the information deriving from TOMO-ETNA experiment could provide the answer to many uncertainties that have arisen while exploiting the large amount of data provided by the cutting-edge monitoring systems of Etna volcano and seismogenic area of eastern Sicily.

Reviewing the hedge funds literature I:hedge funds and hedge funds' managerial characteristics

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been “solved” and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools.

As garantias financeiras e o seu controlo na atividade seguradora

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Professor Doutor Armindo Licínio da Silva Macedo

The impact of real estate on the terminal wealth of the UK mixed-asset portfolio

The argument for the inclusion of real estate in the mixed-asset portfolio has concentrated on examining its effect in reducing the portfolio risk - the time series standard deviation (TSSD), mainly using ex-post time series data. However, the past as such is not really relevant to the long-term institutional investors, such as the insurance companies and pension funds, who are more concerned the terminal wealth (TW) of their investments and the variability of this wealth, the terminal wealth standard deviation (TWSD), since it is from the TW of their investment portfolio that policyholders and pensioners will derive their benefits. These kinds of investors with particular holding period requirements will be less concerned about the within period volatility of their portfolios and more by the possibility that their portfolio returns will fail to finance their liabilities. This variability in TW will be closely linked to the risk of shortfall in the quantity of assets needed to match the institution’s liabilities. The question remains therefore can real estate enhance the TW of the mixed-asset portfolio and/or reduce the variability of the TW. This paper uses annual data from the United Kingdom (UK) for the period 1972-2001 to test whether real estate is an asset class that not only reduces ex-post portfolio risk but also enhances portfolio TW and/or reduces the variability of TW.

Previdência complementar no Brasil : análise do impacto da legislação na alocação de ativos entre 2003 e 2005

This work aims to identify the impacts brought about by legislation alterations regarding assets allocation by Pension Funds Companies. Focused on that, this work carried on a detailed review on the existing literature concerning Modern Portfolio Theory, Pension Funds Investment Strategies and on Brazilian Legislation for Financial Market and Pension Funds. On a second moment, the work identified asset allocation differences when comparing national financial market players and the data released by the official Social Security Secretary - SPC - regarding the 35 Pension Funds analyzed. In accordance with what the literature indicates, the work also reveals that Pension Funds pursue asset allocation policies different than those adopted by other market players due to the Fund¿s long term investment characteristics. No major impacts were identified on the legislation issued by the National Monetary Council ¿ CMN - in what it concerns asset allocation and impacts were only identified on the legislation regarding - CPMF - taxes on financial operations - which led Pension Funds to allocate expressive part of their assets on investment funds.

Previdência complementar no Brasil : análise do impacto da legislação na alocação de ativos entre 2003 e 2005

This work aims to identify the impacts brought about by legislation alterations regarding assets allocation by Pension Funds Companies. Focused on that, this work carried on a detailed review on the existing literature concerning Modern Portfolio Theory, Pension Funds Investment Strategies and on Brazilian Legislation for Financial Market and Pension Funds. On a second moment, the work identified asset allocation differences when comparing national financial market players and the data released by the official Social Security Secretary ¿ SPC ¿ regarding the 35 Pension Funds analyzed. In accordance with what the literature indicates, the work also reveals that Pension Funds pursue asset allocation policies different than those adopted by other market players due to the Fund¿s long term investment characteristics. No major impacts were identified on the legislation issued by the National Monetary Council ¿ CMN - in what it concerns asset allocation and impacts were only identified on the legislation regarding ¿CPMF¿ ¿ taxes on financial operations ¿ which led Pension Funds to allocate expressive part of their assets on investment funds

Garantias financeiras em seguros vida e previdência: um modelo de avaliação

Recentemente, o mercado brasileiro regulamentou produtos de seguro de vida e previdência com garantia de uma remuneração mínima, a ser corrigida por um índice de preços e acrescida da participação em retorno de fundo específico de investimento. Esta tese vem dar sua contribuição no âmbito da crescente demanda pela avaliação econômico financeira destes produtos. Esta demanda é motivada não apenas pelas exigências regulatórias internacionais mas também pelas necessidades de real percepção dos riscos fincnaceiros envolvidos. Assim, é aqui proposto um modelo de precificação cuja finalidade é permitir a calibragem, dentro de uma condição definida de equilíbrio, dos parâmetros de garantias de um contrato - taxa mínima e participação. Estes são assim determinados em função não só da maturidade estabelecida, como também das expectativas relativas às variáveis de mercado, como taxas de juros, volatilidade dos ativos e índice de preços. O modelo proposto mostrou comportamento similar ao constatado num conjunto referencial de modelos. Por esta razão, sugere-se que ele é adequado, dentro das limitações colocadas, ao processo de precificação dos produtos em questão.

Parceria Público Privada e o Programa de Aceleração do Crescimento: geração de emprego no município de Araraquara

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Defining Europe's Capital Markets Union. Bruegel Policy Contribution Issue 2014/12, 13 November 2014

The new European Commission has signalled that it will work to create a ‘capital markets union’. This is understood as an agenda to expand the non-bank part of Europe’s financial system, which is currently underdeveloped. The aim in the short term is to unlock credit provision as banks are deleveraging, and in the longer term, to favour a more diverse, competitive and resilient financial system. Direct regulation of individual non-bank market segments (such as securitisation, private placements or private equity) might be useful at the margin, but will not per se lead to significant capital markets development or the rebalancing of Europe’s financial system away from the current dominance by banks. To reach these goals, the capital markets union agenda must be broadened to address the framework conditions for the development of individual market segments. Six possible areas for policy initiative are, in increasing order of potential impact and political difficulty: regulation of securities and specific forms of intermediation; prudential regulation, especially of insurance companies and pension funds; regulation of accounting, auditing and financial transparency requirements that apply to companies that seek external finance; a supervisory framework for financial infrastructure firms, such as central counterparties, that supports market integration; partial harmonisation and improvement of insolvency and corporate restructuring frameworks;and partial harmonisation or convergence of tax policies that specifically affect financial investment.

A comunicação da ASF com os colaboradores e com a comunidade em geral

O presente trabalho tem como objetivo principal analisar a comunicação da ASF com os colaboradores e com a comunidade em geral. Para tal, identificaram-se ferramentas e ações na comunicação dirigida ao público interno e ao público em geral e, por fim, apresentaram-se campanhas e ações de comunicação. A ASF tem por missão assegurar o bom funcionamento do mercado segurador e dos fundos de pensões em Portugal, por forma a contribuir para a garantia da proteção dos tomadores de seguros, pessoas seguras, participantes e beneficiários. A falta de notoriedade, credibilidade e compreensão das funções desta entidade junto da comunidade em geral, nomeadamente dos consumidores, são os principais pontos fracos da sua estratégia de comunicação. Posto isto, criaram-se ações específicas para o público interno que, naturalmente, tiveram implicações diretas no público externo, e permitiram alcançar objetivos da ASF. Foram desenvolvidas atividades na revista de imprensa, nas plataformas de apoio à gestão, monotorização e análise dos dados media e da intranet, edição de materiais e organização de eventos, nomeadamente o aniversário da ASF. Também se participou no PNFF (Plano Nacional de Formação Financeira) e no processo da mudança da designação ISP (Instituto de Seguros de Portugal) para ASF (Autoridade de Supervisão de Seguros e Fundos de Pensões) o que possibilitou à equipa de comunicação desenvolver novas e melhores estratégias. Por fim, considerou-se ainda que a ASF deveria implementar uma estratégia em que a imagem de qualidade do seu trabalho fosse do conhecimento público, ou seja, deverá primeiro ganhar notoriedade e depois desenvolver as associações pretendidas para a imagem que quer criar junto do público. A aproximação a escolas e aos jovens poderá ser uma forma interessante para atingir os objetivos da ASF, essencialmente junto do público externo; Abstract: The chief goal of the present thesis is to analyses the communication of the Insurance Supervisory Authority and Pension Fund (ASF) towards its collaborators and the community, in general. In order to achieve this purpose, the thesis identified the tools and actions of the communication developed for the internal public and the community, then, it identifies specific actionist presents specific actions of communication. ASF aims to ensure the proper functioning of insurance market and pension funds in Portugal, in order to contribute towards ensuring policyholders protection, insured persons, participants and beneficiaries. Under the new strategy implementation on behalf of insurance and pension funds consumers a form of communication was developed focused on promoting consumers understanding about the running of this sector. Specific actions for internal public were intensified, which, of course, have had direct implications on external public, largely achieving the ASF objectives. The main weaknesses of this entity’s communication strategy are the lack of notoriety, credibility and understanding of the functions. Activities have been developed within the management of the press review events, such as ASF’birthday. The participation in PNFF and the process of change to the new designation enabled the communication team to develop communication strategies. Concerning the analysis of ASF’s communication strategy, it is suggested that the company should implement a strategy in which the quality of its work is of public knowledge. This means that, first, it should gain notoriety and, then, it should develop associations between the brand and the public.

The role of investor type in the fee structures of pension plans

The final publication is available at Springer via http://dx.doi.org/10.1007/s10693-015-0230-1

Financial Futures Markets and Their Impact on the Real Economy in Middle and Low Income Countries

This project analyses the influence of the futures market on middle and low income countries. In it, I attempt to show that investments made by large investment funds in this market, as well as by certain pension plans, bring major consequences whose effects are more evident in less developed countries. The cornerstones of the work are as follows; to attempt to see the existing relationship between the commodity futures market and its underlying assets; analysing products such as wheat, rice and corn in-depth, because these are the most basic foodstuffs at a global level; to determine how an increase in trading in these markets can affect the lives of people in the poorest countries; to analyse investor concern regarding the consequences that their investments may have. Throughout the project we will see how large speculators use production forecasting models to determine the shortage of a commodity in order to take a position in the futures market to profit from it. In addition we will see how an increase in trading in this market causes an increase in the price of the underlying asset in the spot market. As for investor concern, I can say it is negligible, but the idea of running pension plans or investment funds that follow some social criteria has been welcomed by those interviewed, which makes me think that different legislation is possible. This legislation will only come into existence if it is demanded by the people. A fact that now becomes complicated because without a minimum financial basis, they cannot even know how the large investment funds trade with hunger in the world. The day when most people understand how large speculators profit from famine will be the day to put pressure on governments to begin to put limits on speculation. This makes financial awareness necessary in order to achieve a curb in excessive speculation.

A pension manager’s view of exchange traded funds from São Paulo to Santiago

This paper examines the current Chilean and Brazilian pension markets, how these pension markets are structured, how they have historically invested their portfolios in ETFs and how they utilize Exchange Traded Funds (ETFs). This investigation will give an overview of the current pension landscape in each country, ETFs and ETF managers in the region, as well as distribution allowances and regulations for ETF providers within the region. Finally it will offer insights throughout that will be useful to those building a business or creating an expansion plan in Brazil or Chile.