Multi index model - uma abordagem para aplicação ao mercado accionista em Portugal

O mercado accionista, de uma forma global, tem-se revelado nos últimos tempos uma das principais fontes de incentivo ao mercado de valores mobiliários. O seu impacto junto do público em geral é enorme e a sua importância para as empresas é vital. Interessa, então, perceber como é que a teoria financeira tem obordado a avaliação e a compreensão do processo de formação de uma cotação. Desde os anos 50 até aos dias de hoje, interessa perceber como é que os diferentes autores têm tratado esta abordagem e quais os resultados deste confronto. Interessa sobretudo perceber o abordogem de Stephen Ross e a teoria do arbitragem. Na sequência desta obordagem e com o aparecimento do Multi Index Model, passou a ser possível extimar com maior precisão a evolução da cotação, na medida em que esta estaria dependente de um vasto conjunto de variavéis, que abragem uma vasta área de influência. O contributo de Ross é por isso decisivo. No final interessa reter a melhor técnica e teoria, que defende os interesses do investidor. Face o isto resta, então, saber qual a melhor técnica estatística para proceder a estes estudos empíricos.

Gradients of refractive index in the crystalline lens and transient changes in refraction among patients with diabetes

Transient hyperopic refractive shifts occur on a timescale of weeks in some patients after initiation of therapy for hyperglycemia, and are usually followed by recovery to the original refraction. Possible lenticular origin of these changes is considered in terms of a paraxial gradient index model. Assuming that the lens thickness and curvatures remain unchanged, as observed in practice, it appears possible to account for initial hyperopic refractive shifts of up to a few diopters by reduction in refractive index near the lens center and alteration in the rate of change between center and surface, so that most of the index change occurs closer to the lens surface. Restoration of the original refraction depends on further change in the refractive index distribution with more gradual changes in refractive index from the lens center to its surface. Modeling limitations are discussed.

Quantitative analysis of indexed publications on seventeen model organisms in nine countries, from 1974 to 2006

Developed countries have an even distribution of published papers on the seventeen model organisms. Developing countries have biased preferences for a few model organisms which are associated with endemic human diseases. A variant of the Hirsch-index, that we call the mean (mo)h-index (""model organism h-index""), shows an exponential relationship with the amount of papers published in each country on the selected model organisms. Developing countries cluster together with low mean (mo)h-indexes, even those with high number of publications. The growth curves of publications on the recent model Caenorhabditis elegans in developed countries shows different formats. We also analyzed the growth curves of indexed publications originating from developing countries. Brazil and South Korea were selected for this comparison. The most prevalent model organisms in those countries show different growth curves when compared to a global analysis, reflecting the size and composition of their research communities.

Four-gene expression model predictive of lymph node metastases in oral squamous cell carcinoma

Background. Previous knowledge of cervical lymph node compromise may be crucial to choose the best treatment strategy in oral squamous cell carcinoma (OSCC). Here we propose a set four genes, whose mRNA expression in the primary tumor predicts nodal status in OSCC, excluding tongue. Material and methods. We identified differentially expressed genes in OSCC with and without compromised lymph nodes using Differential Display RT-PCR. Known genes were chosen to be validated by means of Northern blotting or real time RT-PCR (qRT-PCR). Thereafter we constructed a Nodal Index (NI) using discriminant analysis in a learning set of 35 patients, which was further validated in a second independent group of 20 patients. Results. Of the 63 differentially expressed known genes identified comparing three lymph node positive (pN+) and three negative (pN0) primary tumors, 23 were analyzed by Northern analysis or RT-PCR in 49 primary tumors. Six genes confirmed as differentially expressed were used to construct a NI, as the best set predictive of lymph nodal status, with the final result including four genes. The NI was able to correctly classify 32 of 35 patients comprising the learning group (88.6%; p = 0.009). Casein kinase 1alpha1 and scavenger receptor class B, member 2 were found to be up regulated in pN + group in contrast to small proline-rich protein 2B and Ras-GTPase activating protein SH3 domain-binding protein 2 which were upregulated in the pN0 group. We validated further our NI in an independent set of 20 primary tumors, 11 of them pN0 and nine pN+ with an accuracy of 80.0% (p = 0.012). Conclusions. The NI was an independent predictor of compromised lymph nodes, taking into the consideration tumor size and histological grade. The genes identified here that integrate our "Nodal Index" model are predictive of lymph node metastasis in OSCC.

Assessing the sustainability of urban ecosystems : an innovative approach

At the turn of the millennium, the Earth’s human population has reached unprecedented levels and its natural resources are being pushed to the limit. Thus, cities are focused on sustainable development and they have begun to develop new strategies for improving the built environment. Sustainable development provides the best outcomes for the human and natural environments by improving the quality of life that protects and balances the ecological, social and economic values. This brings us to the main point: to build a sustainable built environment, cities need to redesign many of their technologies and planning policies within the context of ecological principles. As an environmental sustainability index model, ASSURE is developed to investigate the present environmental situation of an urban area by assessing the impacts of development pressure on natural resources. It is an innovative approach to provide the resilience and function of urban ecosystems secure against the environmental degradation for now and the future. This paper aims to underline the importance of the model (ASSURE) in preserving biodiversity and natural ecosystems in the built environment and investigate its role in delivering long-term urban planning policies.

Response to chemotherapy is predictive in relation to longer overall survival in an individual patient combined-analysis with pleural mesothelioma

Background: There is currently no early predictive marker of survival for patients receiving chemotherapy for malignant pleural mesothelioma (MPM). Tumour response may be predictive for overall survival (OS), though this has not been explored. We have thus undertaken a combined-analysis of OS, from a 42 day landmark, of 526 patients receiving systemic therapy for MPM. We also validate published progression-free survival rates (PFSRs) and a progression-free survival (PFS) prognostic-index model. Methods: Analyses included nine MPM clinical trials incorporating six European Organisation for Research and Treatment of Cancer (EORTC) studies. Analysis of OS from landmark (from day 42 post-treatment) was considered regarding tumour response. PFSR analysis data included six non-EORTC MPM clinical trials. Prognostic index validation was performed on one non-EORTC data-set, with available survival data. Results: Median OS, from landmark, of patients with partial response (PR) was 12·8 months, stable disease (SD), 9·4 months and progressive disease (PD), 3·4 months. Both PR and SD were associated with longer OS from landmark compared with disease progression (both p < 0·0001). PFSRs for platinum-based combination therapies were consistent with published significant clinical activity ranges. Effective separation between PFS and OS curves provided a validation of the EORTC prognostic model, based on histology, stage and performance status. Conclusion: Response to chemotherapy is associated with significantly longer OS from landmark in patients with MPM. © 2012 Elsevier Ltd. All rights reserved.

Spatial impact of projected changes in rainfall and temperature on wheat yields in Australia

Climate projections over the next two to four decades indicate that most of Australia’s wheat-belt is likely to become warmer and drier. Here we used a shire scale, dynamic stress-index model that accounts for the impacts of rainfall and temperature on wheat yield, and a range of climate change projections from global circulation models to spatially estimate yield changes assuming no adaptation and no CO2 fertilisation effects. We modelled five scenarios, a baseline climate (climatology, 1901–2007), and two emission scenarios (“low” and “high” CO2) for two time horizons, namely 2020 and 2050. The potential benefits from CO2 fertilisation were analysed separately using a point level functional simulation model. Irrespective of the emissions scenario, the 2020 projection showed negligible changes in the modelled yield relative to baseline climate, both using the shire or functional point scale models. For the 2050-high emissions scenario, changes in modelled yield relative to the baseline ranged from −5 % to +6 % across most of Western Australia, parts of Victoria and southern New South Wales, and from −5 to −30 % in northern NSW, Queensland and the drier environments of Victoria, South Australia and in-land Western Australia. Taking into account CO2 fertilisation effects across a North–south transect through eastern Australia cancelled most of the yield reductions associated with increased temperatures and reduced rainfall by 2020, and attenuated the expected yield reductions by 2050.

Dynamic Factor Models and Forecasting Finnish Macroeconomic Variables

In recent years, thanks to developments in information technology, large-dimensional datasets have been increasingly available. Researchers now have access to thousands of economic series and the information contained in them can be used to create accurate forecasts and to test economic theories. To exploit this large amount of information, researchers and policymakers need an appropriate econometric model.Usual time series models, vector autoregression for example, cannot incorporate more than a few variables. There are two ways to solve this problem: use variable selection procedures or gather the information contained in the series to create an index model. This thesis focuses on one of the most widespread index model, the dynamic factor model (the theory behind this model, based on previous literature, is the core of the first part of this study), and its use in forecasting Finnish macroeconomic indicators (which is the focus of the second part of the thesis). In particular, I forecast economic activity indicators (e.g. GDP) and price indicators (e.g. consumer price index), from 3 large Finnish datasets. The first dataset contains a large series of aggregated data obtained from the Statistics Finland database. The second dataset is composed by economic indicators from Bank of Finland. The last dataset is formed by disaggregated data from Statistic Finland, which I call micro dataset. The forecasts are computed following a two steps procedure: in the first step I estimate a set of common factors from the original dataset. The second step consists in formulating forecasting equations including the factors extracted previously. The predictions are evaluated using relative mean squared forecast error, where the benchmark model is a univariate autoregressive model. The results are dataset-dependent. The forecasts based on factor models are very accurate for the first dataset (the Statistics Finland one), while they are considerably worse for the Bank of Finland dataset. The forecasts derived from the micro dataset are still good, but less accurate than the ones obtained in the first case. This work leads to multiple research developments. The results here obtained can be replicated for longer datasets. The non-aggregated data can be represented in an even more disaggregated form (firm level). Finally, the use of the micro data, one of the major contributions of this thesis, can be useful in the imputation of missing values and the creation of flash estimates of macroeconomic indicator (nowcasting).

Retrieval and Multi-scale Validation of Soil Moisture from Multi-temporal SAR Data in a Semi-Arid Tropical Region

The current study presents an algorithm to retrieve surface Soil Moisture (SM) from multi-temporal Synthetic Aperture Radar (SAR) data. The developed algorithm is based on the Cumulative Density Function (CDF) transformation of multi-temporal RADARSAT-2 backscatter coefficient (BC) to obtain relative SM values, and then converts relative SM values into absolute SM values using soil information. The algorithm is tested in a semi-arid tropical region in South India using 30 satellite images of RADARSAT-2, SMOS L2 SM products, and 1262 SM field measurements in 50 plots spanning over 4 years. The validation with the field data showed the ability of the developed algorithm to retrieve SM with RMSE ranging from 0.02 to 0.06 m(3)/m(3) for the majority of plots. Comparison with the SMOS SM showed a good temporal behaviour with RMSE of approximately 0.05 m(3)/m(3) and a correlation coefficient of approximately 0.9. The developed model is compared and found to be better than the change detection and delta index model. The approach does not require calibration of any parameter to obtain relative SM and hence can easily be extended to any region having time series of SAR data available.

A Single-Fundamental-Mode Photonic Crystal Vertical Cavity Surface Emitting Laser

Single-fundamental-mode photonic crystal (PhC) vertical cavity surface emitting lasers (VCSEL) are produced and their single-fundamental-mode performances are investigated and demonstrated. A two-dimensional PhC with single-point-defect structure is fabricated using UV photolithography and inductive coupled plasma reactive ion etching on the surface of the VCSEL's top distributed Bragg-reflector. The PhC VCSEL maintains single-fundamental-mode operating with output power 1.7 mW and threshold current 2.5 mA. The full width half maximum of the lasing spectrum is less than 0.1 nm, the far field divergence angle is less than 10 degrees and the side mode suppression ratio is over 35 dB. The device characteristics are analyzed based on the effective index model of the photonic crystal fiber. The experimental results agree well with the theoretical expectation.

Optical characteristics of DBR with inhomogeneous graded interfaces

Optical properties of Al0.9Ga0.1As/Al gamma Ga1-gamma As/GaAs/Al chi Ga1-chi As DBR with inhomogeneous graded interfaces has been investigated by using characteristic matrix method. The refractive index model and the analytic characteristic matrix of graded interfaces are obtained. The reflectance spectrum and the reflective phase shift are calculated for GaAs/Al-0.9 Ga-0.1 As DBR and graded interfaces DBR by using characteristic matrix method. The effect of graded interfaces on the optical properties of DBR is discussed. The result shows an extra graded phase matching layer must he added in front of the graded interfaces DBR to fulfil the conditions of phase matching at central wavelength. The accurate thickness of phase matching layer is calculated by optical thickness approximation method.

吴起县耕地变化与粮食安全问题研究

选取全国退耕还林第一县——吴起县为研究对象,对吴起县自1997-2006年耕地变化动态与粮食生产情况进行了分析研究,运用最小人均耕地面积和耕地压力指数模型法,在分析吴起县1997-2006年10年间耕地、人口、粮食动态变化的基础上,总结了该区域最小人均耕地面积和耕地压力的变化特点,并以此为基础提出了保障吴起县耕地动态平衡和粮食安全的一些建议。

大城市内部商业环境满意度评价与消费区位决策研究-以北京市西城区和海淀区为例

Since 1990s, commercial conditions in China including commercial environment, retail types, scale of retail enterprises, spatial structure of retail and shopping decision making factors have changed. In order to keep up with these changes, commercial geography should set up new perspectives, theories and methods to analyze its internal mechanism and changing rules, and thus provide reasonable and practical scientific basis to commercial planning, location decision of retail enterprises and commercial environment construction. Taking Xicheng and Haidian District of Beijing as research case, which is a sector region from city center to rural region, this paper selects 12 commercial centers as most important study objects of this sector. This paper mainly makes use of the methods of Modeling, Pearson Bivaiiate Correlations Analysis, Factor Analysis and Logit model. Based on 1300 questionnaires and fieldwork, this paper focuses on modeling of Consumer Satisfaction of Commercial Environment (CSCE), evaluation of commercial environment and driving factors of consumers' shopping location decision. Firstly, this paper discusses the development of commercial geography and commercial environment evaluation, the new characteristics and trends of commercial development in Beijing and physical commercial environment of Xicheng and Haidian District of Beijing from chapter 1 to chapter 4. Secondly, this paper summarizes characteristics of residents' shopping behavior in chapter 5. Thirdly, this paper sets up an evaluative model of CSCE, and analyzes consumer satisfaction indexes of commercial environment and their spatial features in chapter 6. Fourthly, this paper infers how residents' attributes and shopping behaviors affect their preferences of shopping location and what are residents' shopping location decisions and their influencing factors in chapter 7. Fifthly, this paper constructs a significant index model and a pyramidal framework of CSCE, and further analyzes the diversity and competitive advantage of commercial environment in chapter 8. Finally, some conclusions are drawn as follows: 1. Characteristics of residents' shopping behavior mostly embody residents' time distance preference, commodity consumption preference, shopping time distribution and shopping activity characteristics. The important factors that influence shopping location choice of residents are distance, transportation, commodity price, commodity types and commodity quality. However, the important factors, which influence shopping location re-choice of residents, are commodity price, commodity quality, commodity types and transportation. 2. CSCE indexes of 12 commercial centers show us significant spatial characteristics, such as spatial differences of "Center-fringe region", spatial characteristics of axes, spatial diversity of ring roads and so on. 3. Influencing factors including factor endowments, relative establishment factor and location and transportation factor of commercial environment are of importance for CSCE. 4. Logit model 1 indicates that shopping behavior of residents is significantly and positively related to working in high-tech companies, high income and by car and positively related to high school diploma, by bus and subway. 5. Logit model 2 indicates that residents' shopping location decision is significantly and positively related to leisure establishment and relative restaurant and entertainment establishment and negatively related to commercial location, commodity price, service quality, parking site. 6. The significant index model and the pyramidal framework of CSCE indicate competitive advantages are crucial to attractive capability of commercial center, and competitive weakness limits development of commercial centers, in particular the weakness of service quality and parking site now is the chief factors restricting development of commercial centers