Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

Características agronômicas de genótipos de feijoeiro cultivados nas épocas da seca e das águas

O feijão é um dos alimentos produzidos em maior quantidade em todo o território nacional, sendo intensa a busca por cultivares produtivas e adaptadas ao local de cultivo. Assim, desenvolveu-se um trabalho, em Botucatu (SP), com o objetivo de avaliar as características agronômicas de genótipos de feijoeiro, visando obter informações sobre aqueles com melhor desempenho produtivo. O experimento foi desenvolvido em três safras, correspondendo à época da seca de 2005, das águas de 2005 e da seca de 2006. O delineamento experimental utilizado foi o de blocos casualizados, com 24 tratamentos, representados pelos genótipos de feijoeiro (grupo comercial carioca e preto), com quatro repetições. em todos os genótipos de feijoeiro o desenvolvimento agronômico foi satisfatório, destacando-se os genótipos Gen 96A28-P7-1-1-1-1, Pérola, OP-S-16, OP-NS-331, Gen 96A28-P4-1-1-1-1 e CNFC 8065 quanto ao número de vagens por planta, à massa de cem grãos, renda e consequentemente maior produtividade de grãos.

Capital flows to Latin America: second quarter 2003

Includes bibliography

Capital flows to Latin America: fourth quarter 2003

Includes bibliography

Capital flows to Latin America: third quarter 2004

Includes bibliography

Capital flows to Latin America: year end 2005

Includes bibliography

Capital flows to Latin America: year end 2006

Includes bibliography

Capital flows to Latin America: quarterly developments

Includes bibliography

Caracteríticas agronômicas e tecnológicas em genótipos de feijoeiro

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

Measuring variation in potato roots in both field and glasshouse: the search for useful yield predictors and a simple screen for root traits

Aims Potatoes have an inadequate rooting system for efficient acquisition of water and minerals and use disproportionate amounts of irrigation and fertilizer. This research determines whether significant variation in rooting characteristics of potato exists, which characters correlate with final yield and whether a simple screen for rooting traits could be developed. Methods Twenty-eight genotypes of Solanum tuberosum groups Tuberosum and Phureja were grown in the field; eight replicate blocks to final harvest, while entire root systems were excavated from four blocks. Root classes were categorised and measured. The same measurements were made on these genotypes in the glasshouse, 2 weeks post emergence. Results In the field, total root length varied from 40 m to 112 m per plant. Final yield was correlated negatively with basal root specific root length and weakly but positively with total root weight. Solanum tuberosum group Phureja genotypes had more numerous roots and proportionally more basal than stolon roots compared with Solanum tuberosum, group Tuberosum genotypes. There were significant correlations between glasshouse and field measurements. Conclusions Our data demonstrate that variability in rooting traits amongst commercially available potato genotypes exists and a robust glasshouse screen has been developed. By measuring potato roots as described in this study, it is now possible to assess rooting traits of large populations of potato genotypes.

A high yield synthesis of (±)-5,8-dimethoxy-2-α-hydroxyethyl-3,4-dihydronaphthalene, a key intermediate in anthracyclinone synthesis

The dimethoxytetralol gives on Vilsmeier reaction the dihydronaphthaldehyde (yield,92%), which on Grignard reaction with MeMgI affords the title compound (yield,�100%), the reactions constituting a high yield synthesis of this important anthracyclinone intermediate.

Mining Sequential Data – in Search of Segmental Structures

Segmentation is a data mining technique yielding simplified representations of sequences of ordered points. A sequence is divided into some number of homogeneous blocks, and all points within a segment are described by a single value. The focus in this thesis is on piecewise-constant segments, where the most likely description for each segment and the most likely segmentation into some number of blocks can be computed efficiently. Representing sequences as segmentations is useful in, e.g., storage and indexing tasks in sequence databases, and segmentation can be used as a tool in learning about the structure of a given sequence. The discussion in this thesis begins with basic questions related to segmentation analysis, such as choosing the number of segments, and evaluating the obtained segmentations. Standard model selection techniques are shown to perform well for the sequence segmentation task. Segmentation evaluation is proposed with respect to a known segmentation structure. Applying segmentation on certain features of a sequence is shown to yield segmentations that are significantly close to the known underlying structure. Two extensions to the basic segmentation framework are introduced: unimodal segmentation and basis segmentation. The former is concerned with segmentations where the segment descriptions first increase and then decrease, and the latter with the interplay between different dimensions and segments in the sequence. These problems are formally defined and algorithms for solving them are provided and analyzed. Practical applications for segmentation techniques include time series and data stream analysis, text analysis, and biological sequence analysis. In this thesis segmentation applications are demonstrated in analyzing genomic sequences.

Exploring the Dynamic Radio Sky: The Search for Slow Transients with the VLA

While synoptic surveys in the optical and at high energies have revealed a rich discovery phase space of slow transients, a similar yield is still awaited in the radio. Majority of the past blind surveys, carried out with radio interferometers, have suffered from a low yield of slow transients, ambiguous transient classifications, and contamination by false positives. The newly-refurbished Karl G. Jansky Array (Jansky VLA) offers wider bandwidths for accurate RFI excision as well as substantially-improved sensitivity and survey speed compared with the old VLA. The Jansky VLA thus eliminates the pitfalls of interferometric transient search by facilitating sensitive, wide-field, and near-real-time radio surveys and enabling a systematic exploration of the dynamic radio sky. This thesis aims at carrying out blind Jansky VLA surveys for characterizing the radio variable and transient sources at frequencies of a few GHz and on timescales between days and years. Through joint radio and optical surveys, the thesis addresses outstanding questions pertaining to the rates of slow radio transients (e.g. radio supernovae, tidal disruption events, binary neutron star mergers, stellar flares, etc.), the false-positive foreground relevant for the radio and optical counterpart searches of gravitational wave sources, and the beaming factor of gamma-ray bursts. The need for rapid processing of the Jansky VLA data and near-real-time radio transient search has enabled the development of state-of-the-art software infrastructure. This thesis has successfully demonstrated the Jansky VLA as a powerful transient search instrument, and it serves as a pathfinder for the transient surveys planned for the SKA-mid pathfinder facilities, viz. ASKAP, MeerKAT, and WSRT/Apertif.

Indexing Distances in Large Graphs and Applications in Search Tasks

This thesis elaborates on the problem of preprocessing a large graph so that single-pair shortest-path queries can be answered quickly at runtime. Computing shortest paths is a well studied problem, but exact algorithms do not scale well to real-world huge graphs in applications that require very short response time. The focus is on approximate methods for distance estimation, in particular in landmarks-based distance indexing. This approach involves choosing some nodes as landmarks and computing (offline), for each node in the graph its embedding, i.e., the vector of its distances from all the landmarks. At runtime, when the distance between a pair of nodes is queried, it can be quickly estimated by combining the embeddings of the two nodes. Choosing optimal landmarks is shown to be hard and thus heuristic solutions are employed. Given a budget of memory for the index, which translates directly into a budget of landmarks, different landmark selection strategies can yield dramatically different results in terms of accuracy. A number of simple methods that scale well to large graphs are therefore developed and experimentally compared. The simplest methods choose central nodes of the graph, while the more elaborate ones select central nodes that are also far away from one another. The efficiency of the techniques presented in this thesis is tested experimentally using five different real world graphs with millions of edges; for a given accuracy, they require as much as 250 times less space than the current approach which considers selecting landmarks at random. Finally, they are applied in two important problems arising naturally in large-scale graphs, namely social search and community detection.

Activities of an aqueous plant extract against Herpes simplex virus type 2 (HSV 2): role in virus replication and progeny yield

Tese de mestrado, Biologia Molecular e Genética, Universidade de Lisboa, Faculdade de Ciências, 2015