Investment strategies in retirees' decumulation phase

This thesis consists of three studies on investment strategies for Australian retirees. Specifically, it investigates retirees' preference between alternative drawdown strategies in the presence of government pensions, appropriate management of longevity risk through the use of deferred annuities and asset allocation in retirement. It finds drawdown strategies linked to life expectancy to be the best performers. Deferred annuities are found to improve retirement incomes for risk averse retirees. For retirees who want to meet certain wealth thresholds in retirement, equity dominated portfolios provide superior outcomes for higher threshold levels.

Increased temperature sensitivity of net DOC production from ombrotrophic peat due to water table draw-down.

The production and release of dissolved organic carbon (DOC) from peat soils is thought to be sensitive to changes in climate, specifically changes in temperature and rainfall. However, little is known about the actual rates of net DOC production in response to temperature and water table draw-down, particularly in comparison to carbon dioxide (CO2) fluxes. To explore these relationships, we carried out a laboratory experiment on intact peat soil cores under controlled temperature and water table conditions to determine the impact and interaction of each of these climatic factors on net DOC production. We found a significant interaction (P < 0.001) between temperature, water table draw-down and net DOC production across the whole soil core (0 to −55 cm depth). This corresponded to an increase in the Q10 (i.e. rise in the rate of net DOC production over a 10 °C range) from 1.84 under high water tables and anaerobic conditions to 3.53 under water table draw-down and aerobic conditions between −10 and − 40 cm depth. However, increases in net DOC production were only seen after water tables recovered to the surface as secondary changes in soil water chemistry driven by sulphur redox reactions decreased DOC solubility, and therefore DOC concentrations, during periods of water table draw-down. Furthermore, net microbial consumption of DOC was also apparent at − 1 cm depth and was an additional cause of declining DOC concentrations during dry periods. Therefore, although increased temperature and decreased rainfall could have a significant effect on net DOC release from peatlands, these climatic effects could be masked by other factors controlling the biological consumption of DOC in addition to soil water chemistry and DOC solubility. These findings highlight both the sensitivity of DOC release from ombrotrophic peat to episodic changes in water table draw-down, and the need to disentangle complex and interacting controls on DOC dynamics to fully understand the impact of environmental change on this system.

Alocação de recursos: nível ótimo de diversificação intraclasse entre fundos de investimentos abertos no Brasil

Apesar da diversidade de suas estratégias, os retornos dos fundos de investimentos multimercado geralmente exibem correlação positiva com índices de bolsa. Por outro lado, fundos de categorias distintas tendem a ser menos correlacionados entre si se comparados a fundos de mesma categoria. A ideia de diversificação entre fundos de baixa correlação é discutida recorrentemente pela literatura. Na prática, porém, poucos alocadores de portfólios otimizam suas carteiras através das linhas de Markowitz (1953) por exemplo. O objetivo deste estudo é buscar identificar o ponto ótimo de diversificação de ativos (fundos de investimentos) dentro de uma mesma categoria. Como metodologia, buscaremos a minimização do risco idiossincrático dos fundos de investimentos através de simulações com outros fundos de mesma categoria. O estudo contém análises para a escolha do número ideal de ativos em um dado portfólio. Esses resultados beneficiariam, principalmente, o processo decisório das empresas de Wealth Managements, das Consultorias de Investimentos e dos Private Bankers.

Mediating identity narratives : a case study in queer digital storytelling as everyday activism

Digital Stories are short autobiographical documentaries, often illustrated with personal photographs and narrated in the first person, and typically produced in group workshops. As a media form they offer ‘ordinary people’ the opportunity to represent themselves to audiences of their choosing; and this amplification of hitherto unheard voices has significant repercussions for their social participation. Many of the storytellers involved in the ‘Rainbow Family Tree’ case study that is the subject of this paper can be characterised as ‘everyday’ activists for their common desire to use their personal stories to increase social acceptance of marginalised identity categories. However, in conflict with their willingness to share their personal stories, many fear the risks and ramifications of distributing them in public spaces (especially online) to audiences both intimate and unknown. Additionally, while technologies for production and distribution of rich media products have become more accessible and user-friendly, many obstacles remain. For many people there are difficulties with technological access and aptitude, personal agency, cultural capital, and social isolation, not to mention availability of the time and energy requisite to Digital Storytelling. Additionally, workshop context, facilitation and distribution processes all influence the content of stories. This paper explores the many factors that make ‘authentic’ self-representation far from straight forward. I use qualitative data drawn from interviews, Digital Story texts and ethnographic observation of GLBTQIS participants in a Digital Storytelling initiative that combined face-to-face and online modes of participation. I consider mediating influences in practice and theory and draw on strategies put forth in cultural anthropology and narrative therapy to propose some practical tools for nuanced and sensitive facilitation of Digital Storytelling workshops and webspaces. Finally, I consider the implications of these facilitation strategies for voice, identity and social participation.

The past history and present trends in the fisheries of Lake Chad

Lake Chad is a very large, shallow eutrophic lake shared by Chad, Nigeria, Niger and Cameroun. It supplies approximately 13% of Nigeria's inland fish. It however lies in an unstable ecological environment characterised by intermittent period of rainfall and drought. This creates a very large draw down area. Consequently, the fisheries are affected by the oscillation in the size of lake due to the drought. Other factors affecting the volume of water are the numerous dams on the inflow rivers. The fishery is also subjected to intense overfishing and may be affected by pollution and other land use practices. The paper discusses changes that took place over the years as a result of the factors of drought, effect of dams on the inflow rivers. The fishery is also subjected to intense overfishing and may be affected by pollution and other land use practices. The paper discusses changes that took place over the years as a result of the factors of drought, effects of dams and overexploitation. Previous records of fish production, species composition and distribution, the status of the fish stocks, their sizes are compared with more recent data. The status of the fishery before and after the contraction of the lake is discussed. Suggestion for a national exploitation of the lake based on habitat improvement, increasing the volume of the water in the lake through controlled use of the influent rivers as well as reduction in overfishing are made

Linking carbon and sulphur cycling during simulated drought cycles in peat from six sites across the UK

Water table draw-down is thought to increase peat decomposition and, therefore, DOC release. However, several studies have shown lower DOC concentrations during droughts relative to ‘normal’ periods with high water table. We carried out controlled incubation experiments at 10°C on 10x10 cm peat soil cores collected from six UK sites across a sulphur deposition gradient. Our aim was to quantify the balance between microbial consumption and chemical precipitation of DOC due to episodic acidification driven by sulphur redox reactions by comparing changes in soil water chemistry to microbial activity (i.e. soil respiration and trace gas fluxes). During dry periods, all sites showed a concurrent increase in SO4 and soil respiration and a decline in DOC. However, the magnitude of change in both DOC and SO4 varied considerably between sites according to historical sulphur deposition loads and the variation in acid/base chemistry.

Carbon balance of UK peatlands: current state of knowledge and future research challenges

The retention of peatland carbon (C) and the ability to continue to draw down and store C from the atmosphere is not only important for the UK terrestrial carbon inventory, but also for a range of ecosystem services, the landscape value and the ecology and hydrology of ~15% of the land area of the UK. Here we review the current state of knowledge on the C balance of UK peatlands using several studies which highlight not only the importance of making good flux measurements, but also the spatial and temporal variability of different flux terms that characterise a landscape affected by a range of natural and anthropogenic processes and threats. Our data emphasise the importance of measuring (or accurately estimating) all components of the peatland C budget. We highlight the role of the aquatic pathway and suggest that fluxes are higher than previously thought. We also compare the contemporary C balance of several UK peatlands with historical rates of C accumulation measured using peat cores, thus providing a long-term context for present-day measurements and their natural year-on-year variability. Contemporary measurements from 2 sites suggest that current accumulation rates (–56 to –72 g C m–2 yr–1) are at the lower end of those seen over the last 150 yr in peat cores (–35 to –209 g C m–2 yr–1). Finally, we highlight significant current gaps in knowledge and identify where levels of uncertainty are high, as well as emphasise the research challenges that need to be addressed if we are to improve the measurement and prediction of change in the peatland C balance over future decades.

Processes controlling DOC in pore water during simulated drought cycles in six different UK peats

The effect of episodic drought on dissolved organic carbon (DOC) dynamics in peatlands has been the subject of considerable debate, as decomposition and DOC production is thought to increase under aerobic conditions, yet decreased DOC concentrations have been observed during drought periods. Decreased DOC solubility due to drought-induced acidification driven by sulphur (S) redox reactions has been proposed as a causal mechanism; however evidence is based on a limited number of studies carried out at a few sites. To test this hypothesis on a range of different peats, we carried out controlled drought simulation experiments on peat cores collected from six sites across Great Britain. Our data show a concurrent increase in sulphate (SO4) and a decrease in DOC across all sites during simulated water table draw-down, although the magnitude of the relationship between SO4 and DOC differed between sites. Instead, we found a consistent relationship across all sites between DOC decrease and acidification measured by the pore water acid neutralising capacity (ANC). ANC provided a more consistent measure of drought-induced acidification than SO4 alone because it accounts for differences in base cation and acid anions concentrations between sites. Rewetting resulted in rapid DOC increases without a concurrent increase in soil respiration, suggesting DOC changes were primarily controlled by soil acidity not soil biota. These results highlight the need for an integrated analysis of hydrologically driven chemical and biological processes in peatlands to improve our understanding and ability to predict the interaction between atmospheric pollution and changing climatic conditions from plot to regional and global scales.

Glaciodynamics of the central sector of the last British–Irish ice sheet in Northern England

The central sector of the last British–Irish Ice Sheet (BIIS) was characterised by considerable complexity, both in terms of its glacial stratigraphy and geomorphological signature. This complexity is reflected by the large number and long history of papers that have attempted to decipher the glaciodynamic history of the region. Despite significant advances in our understanding, reconstructions remain hotly debated and relatively local, thereby hindering attempts to piece together BIIS dynamics. This paper seeks to address these issues by reviewing geomorphological mapping evidence of palimpsest flow signatures and providing an up-to-date stratigraphy of the region. Reconciling geomorphological and sedimentological evidence with relative and absolute dating constraints has allowed us to develop a new six-stage glacial model of ice-flow history and behaviour in the central sector of the last BIIS, with three major phases of glacial advance. This includes: I. Eastwards ice flow through prominent topographic corridors of the north Pennines; II. Cessation of the Stainmore ice flow pathway and northwards migration of the North Irish Sea Basin ice divide; III. Stagnation and retreat of the Tyne Gap Ice Stream; IV. Blackhall Wood–Gosforth Oscillation; V. Deglaciation of the Solway Lowlands; and VI. Scottish Re-advance and subsequent final retreat of ice out of the central sector of the last BIIS. The ice sheet was characterised by considerable dynamism, with flow switches, initiation (and termination) of ice streams, draw-down of ice into marine ice streams, repeated ice-marginal fluctuations and the production of large volumes of meltwater, locally impounded to form ice-dammed glacial lakes. Significantly, we tie this reconstruction to work carried out and models developed for the entire ice sheet. This therefore situates research in the central sector within contemporary understanding of how the last BIIS evolved over time.

A interpretação dos sintagmas nominais com adjetivos atributivos por alunos de inglês instrumental

This present work has as objective to analyze the interpretation of the syntactic and semantic meaning performed by third graders in the nominal groups (NGs) with attributive adjectives in the English language in a text of the final exam in the ESP (English for Specific Purposes) discipline. The corpus is made up of 30 exams of two classes from a third grade institution of the biomedical area, corresponding to the basic and advanced levels of the second term in 2006. The text has 24 NGs of different lexical content, a total of 27 NGs in the whole text summing up to 810 analyzed occurrences. The analysis is carried out at the morphologic, syntactic and semantic levels using as theoretical background the traditional and functional grammars (QUIRK et al, 1985; CELSE-MURCIA et al, 1998; TUCKER, 1998), in their semantic aspects, the Semantics (FRAWLEY, 1992) and the Cognitive Linguistics (TAYLOR, 2002). We concluded that the main difficulties were due to the lack of vocabulary and to the use of mother tongue strategies instead of using the top-down strategies for reading a text in English to compensate this gap. We also observed that even when the vocabulary was known, there were difficulties in establishing the semantic and syntactic relations between modifier and noun head. We suggested improvements for the teaching of reading English texts at the third grade grounded in the obtained results such as a more comprehensive study of the several different morphologic and syntactic structures of the NGs with premodifiers and their semantic consequences, an approach of the morphologic, syntactic and semantic aspects of the NGs and the use of both top-down and bottom-up strategies when reading a NG in the English language

Effects of anxiety on decision making and visual search behaviour in complex sport situations

Based on the Attentional Control Theory (ACT; Eysenck et al., 2007), performance efficiency is decreased in high-anxiety situations because worrying thoughts compete for attentional resources. A repeated-measures design (high/low state anxiety and high/low perceptual task demands) was used to test ACT explanations. Complex football situations were displayed to expert and non-expert football players in a decision making task in a controlled laboratory setting. Ratings of state anxiety and pupil diameter measures were used to check anxiety manipulations. Dependent variables were verbal response time and accuracy, mental effort ratings and visual search behavior (e.g., visual search rate). Results confirmed that an anxiety increase, indicated by higher state-anxiety ratings and larger pupil diameters, reduced processing efficiency for both groups (higher response times and mental effort ratings). Moreover, high task demands reduced the ability to shift attention between different locations for the expert group in the high anxiety condition only. Since particularly experts, who were expected to use more top-down strategies to guide visual attention under high perceptual task demands, showed less attentional shifts in the high compared to the low anxiety condition, as predicted by ACT, anxiety seems to impair the shifting function by interrupting the balance between top-down and bottom-up processes.

Planktonic foraminiferal Cd/Ca ratios

Records of Cd/Ca in planktonic foraminiferal calcite of Globigerinoides bulloides in cores from the Subantarctic region of the Southern Ocean show large glacial-interglacial variations with lower Cd/Ca (by 0.06-0.10 µmol/mol) at glacial times. Interpretation of these records in terms of lower dissolved phosphate and inferred higher glacial nutrient utilization has significant implications for glacial atmospheric carbon dioxide (pCO2) draw-down. However, box core-top data for G. bulloides in the North Atlantic suggest that the incorporation of Cd into planktonic foraminifera relative to seawater (DCd) is temperature sensitive (DCd=0.637 exp 0.15T). When the Subantarctic planktonic Cd/Ca records are corrected for this temperature dependence, they show little or no glacial-interglacial diferences. If, as seems likely, this observation can be interpreted to indicate a minimal change (< 0.5 µmol/kg) in surface water phosphate concentrations, then the explanation for lowered glacial pCO2 must be looked for elsewhere.