Attentional modulation of blink startle at long, short, and very short lead intervals

The present research investigated attentional blink startle modulation at lead intervals of 60, 240 and 3500 ms. Letters printed in Gothic or standard fonts, which differed in rated interest, but not valence, served as lead stimuli. Experiment I established that identifying letters as vowels/consonants took longer than reading the letters and that performance in both tasks was slower if letters were printed in Gothic font. In Experiment 2, acoustic blink eliciting stimuli were presented 60, 240 and 3500 ms after onset of the letters in Gothic and in standard font and during intertrial intervals. Half the participants (Group Task) were asked to identify the letters as vowels/consonants whereas the others (Group No-Task) did not perform a task. Relative to control responses, blinks during letters were facilitated at 60 and 3500 ms lead intervals and inhibited at the 240 ms lead interval for both conditions in Group Task. Differences in blink modulation across lead intervals were found in Group No-Task only during Gothic letters with blinks at the 3500 ms lead interval facilitated relative to control blinks. The present results confirm previous findings indicating that attentional processes can modulate startle at very short lead intervals. (C) 2001 Elsevier Science B.V. All rights reserved.

Do long-short speculators destabilize commodity futures markets?

This paper contributes to the debate on the effects of the financialization of commodity futures markets by studying the conditional volatility of long–short commodity portfolios and their conditional correlations with traditional assets (stocks and bonds). Using several groups of trading strategies that hedge fund managers are known to implement, we show that long–short speculators do not cause changes in the volatilities of the portfolios they hold or changes in the conditional correlations between these portfolios and traditional assets. Thus calls for increased regulation of commodity money managers are, at this stage, premature. Additionally, long–short speculators can take comfort in knowing that their trades do not alter the risk and diversification properties of their portfolios.

Uma análise da estratégia long-short e a neutralidade dos fundos long-short brasileiros em relação ao Ibovespa

O objetivo do trabalho é realizar uma análise da estratégia long-short feita pelos fundos de investimentos, no mercado acionário, e testar a neutralidade dos fundos long-short brasileiros ao principal índice de mercado, o Ibovespa, utilizando os testes de neutralidade de Patton (2006) como referência. As explicações da estratégia long-short se divide em duas partes: a estratégia de pairs trading pela arbitragem estatística, e a estratégia de pairs trading pela arbitragem de risco. O resultado encontrado mostra que quase a totalidade dos fundos analisados (85%) falha no teste de neutralidade em relação ao mercado acionário, mais especificamente ao Ibovespa.

Efeitos da baixa liquidez em posições compradas em relação às posições vendidas sobre o desempenho de fundos long short em situação de crise sistêmica (2008)

Diversos estudos sobre investimentos em Ações e Fundos de Investimentos no Brasil, mais especificamente sobre Fundos Multimercados Long-Short, focam em sua neutralidade em relação ao Ibovespa bem como na performance de seus gestores e de suas respectivas estratégias, como Penna (2007) e Gomes e Cresto (2010). Com ênfase na comparação entre a liquidez da posição comprada e a da posição vendida em ações, foi verificado o comportamento de fundos long-short em situações normais e de crise, do período que vai de 2007 a 2009. Foram encontrados fortes indícios de que houve perda maior em momentos de estresse por parte de fundos que carregavam ações menos líquidas em suas carteiras na posição comprada em relação a posição vendida, apesar do número reduzido de fundos estudados e também de ter sido utilizado periodicidade mensal. Encontrou-se um retorno médio em 2008 de 11,1% para uma carteira formada por fundos com ações mais líquidas na posição comprada do que na posição vendida e 5,4% para uma carteira com posição inversa. Uma análise de risco-retorno feita com o Índice de Sharpe (IS) corrobora o estudo, pois a carteira composta por fundos com posição mais líquida na posição vendida apresentou IS de -1,5368, bem inferior ao IS de -0,3374 da carteira de posição inversa (mais líquida na posição comprada). Foi também utilizado o Modelo Índice, como em Bodie, Kane e Marcus (2005), para verificar se esses fundos, separados em carteiras divididas entre mais líquidos na posição comprada do que na posição vendida e vice-versa, tinham desempenho melhor que o mercado (IBOVESPA) de maneira sistemática (alpha=α) e a exposição dessas carteiras ao risco de mercado (Beta = β), além do Modelo de Fatores. As regressões realizadas para os modelos citados encontram coeficientes e respectivas inferências estatísticas que respaldam a hipótese acima, apesar de baixo número de observações utilizado.

Otimização de alavancagem e gestão de risco em estratégias long-short

Alavancagem em hedge funds tem preocupado investidores e estudiosos nos últimos anos. Exemplos recentes de estratégias desse tipo se mostraram vantajosos em períodos de pouca incerteza na economia, porém desastrosos em épocas de crise. No campo das finanças quantitativas, tem-se procurado encontrar o nível de alavancagem que otimize o retorno de um investimento dado o risco que se corre. Na literatura, os estudos têm se mostrado mais qualitativos do que quantitativos e pouco se tem usado de métodos computacionais para encontrar uma solução. Uma forma de avaliar se alguma estratégia de alavancagem aufere ganhos superiores do que outra é definir uma função objetivo que relacione risco e retorno para cada estratégia, encontrar as restrições do problema e resolvê-lo numericamente por meio de simulações de Monte Carlo. A presente dissertação adotou esta abordagem para tratar o investimento em uma estratégia long-short em um fundo de investimento de ações em diferentes cenários: diferentes formas de alavancagem, dinâmicas de preço das ações e níveis de correlação entre esses preços. Foram feitas simulações da dinâmica do capital investido em função das mudanças dos preços das ações ao longo do tempo. Considerou-se alguns critérios de garantia de crédito, assim como a possibilidade de compra e venda de ações durante o período de investimento e o perfil de risco do investidor. Finalmente, estudou-se a distribuição do retorno do investimento para diferentes níveis de alavancagem e foi possível quantificar qual desses níveis é mais vantajoso para a estratégia de investimento dadas as restrições de risco.

Performance of Brazilian long and short IQCODE on the screening of dementia in elderly people with low education

Background: Dementia screening in elderly people with low education can be difficult to implement. For these subjects, informant reports using the long (L) (26 items) and short (C) (16 items) versions of the Informant Questionnaire on Cognitive Decline in the Elderly (IQCODE) can be useful. The objective of the present study was to investigate the performance of Brazilian versions of the IQCODE L, S and a new short version (SBr) (15 items) in comparison with the Mini-mental State Examination (MMSE) for dementia screening in elderly people with low education. Methods: Thirty-four patients with mild to moderate dementia, diagnosed according to ICD-10 criteria, and 57 controls were evaluated and divided into three groups based on their socioeconomic status and level of education. Patients were evaluated using the MMSE and the informants were interviewed using the IQCODE by interviewers blind to the clinical diagnosis. Results: Education was correlated with MMSE results (r = 0.280, p = 0.031), but not with the versions of the IQCODE. The performance of the instruments, evaluated by the ROC curves, was very similar, with good internal consistency (Cronbach`s alpha = 0.97). MMSE correctly classified 85.7% of the subjects while the three IQCODE versions (L, S and SBr) correctly classified 91.2% of the subjects. Conclusions: The long, short and the new short Brazilian IQCODE versions can be useful as a screening tool for mild and moderate patients with dementia in Brazil. The IQCODE is not biased by schooling, and it seems to be an adequate instrument for samples with low levels of education.

MCDA applied to performance appraisal of short-haul truck drivers: a case study in a portuguese trucking company

Performance appraisal increasingly assumes a more important role in any organizational environment. In the trucking industry, drivers are the company's image and for this reason it is important to develop and increase their performance and commitment to the company's goals. This paper aims to create a performance appraisal model for trucking drivers, based on a multi-criteria decision aid methodology. The PROMETHEE and MMASSI methodologies were adapted using the criteria used for performance appraisal by the trucking company studied. The appraisal involved all the truck drivers, their supervisors and the company's Managing Director. The final output is a ranking of the drivers, based on their performance, for each one of the scenarios used. The results are to be used as a decision-making tool to allocate drivers to the domestic haul service.

Characteristics of Filiform, Fungiform and Vallate Papillae and Surface of Interface Epithelium-Connective Tissue of the Maned Sloth Tongue Mucosa (Bradypus torquatus, Iliger, 1811): Light and Scanning Electron Microscopy Study

The study of lingual surfaces and the surface of interface epithelium-connective tissue of the tongue of Bradypus torquatus was performed by employing the light and scanning electron microscopy (SEM) techniques. The results revealed that the rostral part of the tongue presents a round apex and covered by filiform and fungiform lingual papillae and a ventral smooth surface. It was observed that the epithelial layer of the dorsal surface possesses the basal, spinosum, granular and cornified epithelial cells. The lamina propria is characterized by a dense connective tissue forming the long, short and round papillae. Numerous typical filiform papillae are located especially in the rostral part intermingled for few fungiform papillae, which were revealed in three-dimensional SEM images. Usually, the fungiform papillae are located in the border of rostral apex of the tongue exhibiting the rounded form. They are covered by keratinized epithelial cells. In the fungiform papillae, several taste pores were observed on the surface. The vallate papillae presented numerous taste buds in the wall of epithelial cells, being that the major number of taste buds is located on the superior half of vallate papilla. The taste pores are surrounded by several laminae of keratinized epithelial cells. The samples treated with NaOH solution and examined by SEM revealed, after removal of the epithelial layer, the dense connective core in original disposition, presenting different sizes and shapes. The specimens stained with Picrosirius and examined by polarized light microscopy revealed the connective tissue, indicating the collagen fibres type I and type III.

On learning context-free and context-sensitive languages

The long short-term memory (LSTM) is not the only neural network which learns a context sensitive language. Second-order sequential cascaded networks (SCNs) are able to induce means from a finite fragment of a context-sensitive language for processing strings outside the training set. The dynamical behavior of the SCN is qualitatively distinct from that observed in LSTM networks. Differences in performance and dynamics are discussed.

Macroeconomic risk in commodities market

The thesis studies the presence of macroeconomic risk in the commodities futures market. I present strong evidence that there is a strong relationship between macroeconomic risk and individual commodities future returns. Furthermore, long-only trading strategies seem to be strongly exposed to systematic risk, while long-short trading strategies (based on basis, momentum and basis-momentum) are found to present no such risk. Instead, I found a strong sentiment exposure in the portfolio returns of these long-short strategies, mainly during recessions. The advantages of following long-short strategies become even clearer when analyzing different macroeconomic regimes.