Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

El mètode APT (Auto Adjusting Perturbation Theory) de diagonalització de matrius

Es presenta un nou algorisme per a la diagonalització de matrius amb diagonal dominant. Es mostra la seva eficàcia en el tractament de matrius no simètriques, amb elements definits sobre el cos complex i, fins i tot, de grans dimensions. Es posa de manifest la senzillesa del mètode així com la facilitat d'implementació en forma de codi de programació. Es comentenels seus avantatges i característiques limitants, així com algunes de les millores que es poden implementar. Finalment, es mostren alguns exemples numèrics

Procès-verbaux des séances de la Société littéraire, scientifique et artistique d'Apt

1872 (A10,SER2,T2)-1873.

Procès-verbaux des séances de la Société littéraire, scientifique et artistique d'Apt

1868/12/26 (SER2,T1,A6)-1871/12/31 (SER2,T1,A8).

Procès-verbaux des séances de la Société littéraire, scientifique et artistique d'Apt

1874 (SER2,T3,A11)-1875 (SER2,T3,A12).

Letter to Colonel Nelles of the 4th Lincoln Militia in Grimsby from Apt. Military Secrets, Quebec

Letter to Colonel Nelles of the 4th Lincoln Militia in Grimsby from Apt. Military Secrets, Quebec. When this envelope is unfolded it contains the printed words “On his Majesty’s service” “The Ordnance Storekeeper” and “Military Secretary”. This item is badly stained and torn but text is not affected, Jan. 9, 1839.

Le "Dollar Cost Averaging", modèle conditionnel d'investissement, et modèle de régression prévisionnel.

Rapport de recherche

El mètode APT (Auto Adjusting Perturbation Theory) de diagonalització de matrius

Es presenta un nou algorisme per a la diagonalització de matrius amb diagonal dominant. Es mostra la seva eficàcia en el tractament de matrius no simètriques, amb elements definits sobre el cos complex i, fins i tot, de grans dimensions. Es posa de manifest la senzillesa del mètode així com la facilitat d'implementació en forma de codi de programació. Es comenten els seus avantatges i característiques limitants, així com algunes de les millores que es poden implementar. Finalment, es mostren alguns exemples numèrics

Patriarchal values : girls are more apt to change

Patriarchal values: girls are more apt to change How has the family value system changed between generations, especially when taking into account the gender dimension? This article presents some results from a study carried outin 2007 in one village of the Gourani tribe where the people are followers of Ahle Hagh in Islamabad Gharb (west of Iran). The differences between generations (those born and raised before and after the Islamic Revolution) in patriarchal values in the family are statistically significant. The older generation opts for the man of the family to make most of the decisions; on children’s education, marriage, naming, the families expenditure, the place for residence, the social network of the family and even the number of children. The younger generation has a different value system and it has moved towards a more egalitarian type of family. With the gender variable included in the findings we see that although the values of the younger male population have evolved toward a less patriarchal decision making structure inthe family, the degree of changes among the young women is much higher. Looking into the preferences for male sex for the first child as well as a larger number of boys in the family, the difference between generations is significant. However data on the differences analyzed with the gender variable proves that the changes concerning the equality of sexes are mainly due to drastic changes in the young women’s value system. That is, the male population, young or old, still prefer to have a boy as their first born and to have more sons in the family. But the young female generation in the rural area sees less difference in having boys or girls in the family. It is concluded that reforms in the old value system is an evolving process of everyday life and that the girls are the main social force for change.