Reviewing the hedge funds literature II:hedge funds' returns and risk management characteristics

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to risk management characteristics (a companion piece investigates the managerial characteristics of HFs). It discusses the successes and the shortfalls to date in developing more sophisticated risk management frameworks and tools to measure and monitor HF risks, and the empirical evidence on the role of the HFs and their investment behaviour and risk management practices on the stability of the financial system. It also classifies the HF literature considering the most recent contributions and, particularly, the regulatory developments after the 2007 financial crisis

Reviewing the hedge funds literature I:hedge funds and hedge funds' managerial characteristics

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been “solved” and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools

Benchmarking di-Higgs production in various extended Higgs sector models

We present a comprehensive study on Higgs pair production in various archetypical extended Higgs sectors such as the real and the complex 2-Higgs-Doublet Model, the 2-Higgs-Doublet Model augmented by a real singlet field and the Next-to-Minimal Supersymmetric extension of the Standard Model. We take into account all relevant theoretical and experimental constraints, in particular the experimental limits on non-resonant and resonant Higgs pair production. We present the allowed cross sections for Standard Model (SM)-like Higgs pair production and the ranges of the SM-like Yukawa and trilinear Higgs self-coupling that are still compatible with the applied constraints. Furthermore, we give results for the pair production of a SM-like with a non-SM-like Higgs boson and for the production of a pair of non-SM-like Higgs bosons. We find that di-Higgs production in the models under investigation can exceed the SM rate substantially, not only in the non-resonance region but also due to resonant enhancement. We give several benchmarks with interesting features such as large cross sections, the possibility to test CP violation, Higgs-to-Higgs cascade decays or di-Higgs production beating single Higgs production. In all of our benchmark points, the next-to-leading order QCD corrections are included in the large top-mass limit. For these points, we found that, depending on the model and the Higgs pair final state, the corrections increase the leading order cross section by a factor of 1.79 to 2.24. We also discuss the relation between the description of Higgs pair production in an effective field theory approach and in the specific models investigated here

Benchmarking di-Higgs production in various extended Higgs sector models

We present a comprehensive study on Higgs pair production in various archetypical extended Higgs sectors such as the real and the complex 2-Higgs-Doublet Model, the 2-Higgs-Doublet Model augmented by a real singlet field and the Next-to-Minimal Supersymmetric extension of the Standard Model. We take into account all relevant theoretical and experimental constraints, in particular the experimental limits on non-resonant and resonant Higgs pair production. We present the allowed cross sections for Standard Model (SM)-like Higgs pair production and the ranges of the SM-like Yukawa and trilinear Higgs self-coupling that are still compatible with the applied constraints. Furthermore, we give results for the pair production of a SM-like with a non-SM-like Higgs boson and for the production of a pair of non-SM-like Higgs bosons. We find that di-Higgs production in the models under investigation can exceed the SM rate substantially, not only in the non-resonance region but also due to resonant enhancement. We give several benchmarks with interesting features such as large cross sections, the possibility to test CP violation, Higgs-to-Higgs cascade decays or di-Higgs production beating single Higgs production. In all of our benchmark points, the next-to-leading order QCD corrections are included in the large top-mass limit. For these points, we found that, depending on the model and the Higgs pair final state, the corrections increase the leading order cross section by a factor of 1.79 to 2.24. We also discuss the relation between the description of Higgs pair production in an effective field theory approach and in the specific models investigated hereinfo:eu-repo/semantics/publishedVersio

Wind Farm Location, Location, Location and Correlation: a Gift of Nature

We show that wind energy power developers should consider the correlation between the electricity market price (Price) and the energy produced (Quantity) of a wind farm when choosing the investment location. We estimate this correlation for 60 UK wind farms using a dataset that comprises 1.4 million half-hourly observations covering the period between 2006 and 2019, and find persistent and statistically significant differences. Then, we introduce a model that translates into a monetary value those correlation differences and we develop a real options model to evaluate wind energy investments based on Price and Quantity uncertainty as well as the correlation between these two. The two model approaches lead to similar quantitative results and attest that the value of a wind farm increases with the Price-Quantity correlation. Therefore, by investing in locations with higher correlations (ceteris paribus), energy developers benefit from an extra source of revenue, the location Price-Quantity correlation premium that is, indeed, a gift of nature

Envelhecimento populacional: realidade atual e desafios

The aim was to reflect on active aging and the influence of internal and external factors that contribute and even influence the aging process and how Brazil is preparing to face the new reality in relation to significant age group changes and, therefore, change in the general scope. This is a reflective study, with a search in electronic databases that point to population aging. It was evident that there is a great concern in what is discerned about the aging process, without making the necessary decisions so that the health of the individual in the aging process is taken care of as a whole and not partially.Objetivou-se refletir sobre o envelhecimento ativo e a influência de fatores internos e externos que contribuem e até influenciam no processo de envelhecimento e como o Brasil, está se preparando para enfrentar a nova realidade em relação a mudanças significativas de faixa etária e sendo assim, mudança no âmbito geral. Trata-se de estudo de reflexão, com busca nas bases de dados eletrônicas que apontam para o envelhecimento populacional. Evidenciou-se que há uma grande preocupação no que discerne sobre o processo de envelhecer, sem a tomada de decisões necessárias para que a saúde do indivíduo em processo de envelhecimento seja cuidado como um todo e não parcialmente

Envelhecimento populacional: realidade atual e desafios

The aim was to reflect on active aging and the influence of internal and external factors that contribute and even influence the aging process and how Brazil is preparing to face the new reality in relation to significant age group changes and, therefore, change in the general scope. This is a reflective study, with a search in electronic databases that point to population aging. It was evident that there is a great concern in what is discerned about the aging process, without making the necessary decisions so that the health of the individual in the aging process is taken care of as a whole and not partially.Objetivou-se refletir sobre o envelhecimento ativo e a influência de fatores internos e externos que contribuem e até influenciam no processo de envelhecimento e como o Brasil, está se preparando para enfrentar a nova realidade em relação a mudanças significativas de faixa etária e sendo assim, mudança no âmbito geral. Trata-se de estudo de reflexão, com busca nas bases de dados eletrônicas que apontam para o envelhecimento populacional. Evidenciou-se que há uma grande preocupação no que discerne sobre o processo de envelhecer, sem a tomada de decisões necessárias para que a saúde do indivíduo em processo de envelhecimento seja cuidado como um todo e não parcialmente

Repression of the auxin response pathway increases Arabidopsis susceptibility to necrotrophic fungi

In plants, resistance to necrotrophic pathogens depends on the interplay between different hormone systems, such as those regulated by salicylic acid (SA), jasmonic acid (JA), ethylene, and abscisic acid. Repression of auxin signaling by the SA pathway was recently shown to contribute to antibacterial resistance. Here, we demonstrate that Arabidopsis auxin signaling mutants axr1, axr2, and axr6 that have defects in the auxin-stimulated SCF (Skp1¿Cullin¿ F-box) ubiquitination pathway exhibit increased susceptibility to the necrotrophic fungi Plectosphaerella cucumerina and Botrytis cinerea. Also, stabilization of the auxin transcriptional repressor AXR3 that is normally targeted for removal by the SCF-ubiquitin/proteasome machinery occurs upon P. cucumerina infection. Pharmacological inhibition of auxin transport or proteasome function each compromise necrotroph resistance of wild-type plants to a similar extent as in non-treated auxin response mutants. These results suggest that auxin signaling is important for resistance to the necrotrophic fungi P. cucumerina and B. cinerea. SGT1b (one of two Arabidopsis SGT1 genes encoding HSP90/HSC70 co-chaperones) promotes the functions of SCF E3-ubiquitin ligase complexes in auxin and JA responses and resistance conditioned by certain Resistance (R) genes to biotrophic pathogens. We find that sgt1b mutants are as resistant to P. cucumerina as wild-type plants. Conversely, auxin/SCF signaling mutants are uncompromised in RPP4-triggered resistance to the obligate biotrophic oomycete, Hyaloperonospora parasitica. Thus, the predominant action of SGT1b in R gene-conditioned resistance to oomycetes appears to be at a site other than assisting SCF E3-ubiquitin ligases. However, genetic additivity of sgt1b axr1 double mutants in susceptibility to H. parasitica suggests that SCF-mediated ubiquitination contributes to limiting biotrophic pathogen colonization once plant¿pathogen compatibility is established

The Timing of Voluntary Delisting

For many firms, voluntarily delisting from a stock exchange can be optimal. We model an entrepreneur's incentives to voluntarily delist the firm as a trade-off between consumption of private benefits when listed and expected improvements in the firm's performance after delisting. Our model allows for heterogeneity across firms and countries, and various micro and macro shocks affect the delisting decision. Such a model makes novel predictions regarding the delisting patterns around the world. We empirically confirm these predictions using manually collected delisting data from 26 countries. Increasing policy and regulatory uncertainties can partially explain the greater popularity of voluntary delistings

Zoneamento Agroclimático para a Cultura da Soja no Leste do Estado do Pará.

In order to determine reasonable planting time and zoning for soybean in the regions of Northeast and Southeast Pará, water ballance simulation and a zoning approach were conduced. Water balance was analysed by using combinations of 12 planting time, soil available water and two crop varieties. In adition, field informations related to soil texture, plant phenology and crop water consumption were also analysed. From water balance several paramaters were determined including the moisture satisfaction index (HNSI) and climatic risks. The zoning approach was based on two aspects: the climatic risks as an indicator to determine the climatic suitability classes for soybean and the geographic system analyses(GIS) for spatial analysis. The overall results show 72 zoning maps indicanting favorable planting time and suitable areas for soybean crop