Pricing Liquidity Risk with Heterogeneous Investment Horizons

We develop an asset pricing model with stochastic transaction costs and investors with heterogeneous horizons. Depending on their horizon, investors hold different sets of assets in equilibrium. This generates segmentation and spillover effects for expected returns, where the liquidity (risk) premium of illiquid assets is determined by investor horizons and the correlation between liquid and illiquid asset returns. We estimate our model for the cross-section of U.S. stock returns and find that it generates a good fit, mainly due to a combination of a substantial expected liquidity premium and segmentation effects, while the liquidity risk premium is small

Flight-to-Quality or Flight-to-Liquidity? Evidence From the Euro-Area Bond Market

Do bond investors demand credit quality or liquidity? The answer is both, but at different times and for different reasons. Using data on the Euro-area government bond market, which features a unique negative correlation between credit quality and liquidity across countries, we show that the bulk of sovereign yield spreads is explained by differences in credit quality, though liquidity plays a non-trivial role especially for low credit risk countries and during times of heightened market uncertainty. In contrast, the destination of large flows into the bond market is determined almost exclusively by liquidity. We conclude that credit quality matters for bond valuation but that, in times of market stress, investors chase liquidity, not credit quality.

What Does Equity Sector Orderflow Tell Us about the Economy?

Investors rebalance their portfolios as their views about expected returns and risk change. We use empirical measures of portfolio rebalancing to back out investors’ views, specifically their views about the state of the economy. We show that aggregate portfolio rebalancing across equity sectors is consistent with sector rotation, an investment strategy that exploits perceived differences in the relative performance of sectors at different stages of the business cycle. The empirical foot-print of sector rotation has predictive power for the evolution of the economy and future bond market returns, even after controlling for relative sector returns. Contrary to many theories of price formation, trading activity therefore contains information that is not entirely revealed by resulting relative price changes.

Mutual fund performance: Using bespoke benchmarks to disentangle mandates, constraints and skill

This is the author accepted manuscript. the final version is available from Elsevier via the DOI in this recordWhile no two mutual funds are alike in terms of their mandates and constraints, metrics used to evaluate fund performance relative to peers typically fail to account for these differences by relying on generic benchmark indices and rankings. We develop a methodology to construct a conditional multi-factor benchmark that explicitly incorporates the details of a given fund’s mandates and constraints. The results suggest that (i) mandates and constraints are economically important and affect funds differently, (ii) in general, the average mutual fund has a much improved track record when comparing themselves to a bespoke benchmark, and (iii) the rank ordering of fund bespoke performance relative peers is significantly different than the original rank ordering suggesting advisors and board of directors would make better decisions regarding compensation and performance assessment respectively, if they incorporate the impact of mandates and constraints.Inquire Europ

Effects of High-Fat Diet on eHSP72 and Extra-to-Intracellular HSP70 Levels in Mice Submitted to Exercise under Exposure to Fine Particulate Matter

Obesity, air pollution, and exercise induce alterations in the heat shock response (HSR), in both intracellular 70?kDa heat shock proteins (iHSP70) and the plasmatic extracellular form (eHSP72). Extra-to-intracellular HSP70 ratio (H-index?=?eHSP70/iHSP70 ratio) represents a candidate biomarker of subclinical health status. This study investigated the effects of moderate- and high-intensity exercise in the HSR and oxidative stress parameters, in obese mice exposed to fine particulate matter (PM2.5). Thirty-day-old male isogenic B6129F2/J mice were maintained for 16 weeks on standard chow or high-fat diet (HFD). Then, mice were exposed to either saline or 50?µg of PM2.5 by intranasal instillation and subsequently maintained at rest or subjected to moderate- or high-intensity swimming exercise. HFD mice exhibited high adiposity and glucose intolerance at week 16th. HFD mice submitted to moderate- or high-intensity exercise were not able to complete the exercise session and showed lower levels of eHSP70 and H-index, when compared to controls. PM2.5 exposure modified the glycaemic response to exercise and modified hematological responses in HFD mice. Our study suggests that obesity is a critical health condition for exercise prescription under PM2.5 exposure

Exploratory study of the teaching of neuropsychology in the curricula of undergraduate courses in Speech-Language Pathology

Objetivo: Identificar a presença do ensino da neuropsicologia nos cursos de graduação em fonoaudiologia no Brasil através de uma análise exploratória dos currículos dos cursos de graduação. Método: Estudo documental exploratório quantitativo. Foi realizada uma busca de documentos (projeto pedagógico de curso, ementário e/ou matriz curricular) nos websites das instituições de ensino superior públicas e privadas, ou via e-mail. A busca das informações necessárias para o estudo foi feita por três pesquisadores através de um checklist elaborado em consenso. Dessa maneira, pôde-se caracterizar as instituições de ensino e, posteriormente, foram investigadas quais delas ofereciam disciplinas que abordassem o tema da neuropsicologia através de uma busca pelo nome da disciplina. Foram exploradas associações entre a natureza da instituição de ensino superior, ano do projeto pedagógico de curso e região demográfica, com a presença de disciplinas sobre neuropsicologia. Resultados: Foram incluídas no estudo 72 instituições de ensino, sendo que destas apenas nove ofereciam a disciplina de neuropsicologia. Nenhuma das associações testadas gerou diferença estatisticamente significativa. Conclusão: Há uma carência na oferta de disciplinas de neuropsicologia para os estudantes de fonoaudiologia, e esta carência não tem relação nenhuma com a natureza da instituição de ensino superior, o ano do projeto pedagógico de curso ou com a região demográfica. Os achados chamam a atenção para a importância de um currículo que considere todo o escopo de atuação profissional e se ajuste à epidemiologia dos distúrbios da comunicação.Purpose: To determine the level of teaching of neuropsychology within undergraduate courses of speech-language pathology in Brazil using an exploratory document analysis of the curricula of the undergraduate courses. Methods: It is a quantitative exploratory document analysis. A review of available documents from websites and/or received from course directors (pedagogical course project, course content, and/or syllabus) of public and private universities in Brazil was carried out. Using an agreed consensus checklist, 3 researchers verified which universities offered subjects on neuropsychology by means of a search for the term ‘neuropsychology’ or neuropsychological’. Associations between type of university and region and the provision of neuropsychology courses were also explored. Results: 72 universities were included in the study and only nine of them offered subjects on neuropsychology. None of the associations tested was statistically significant. Conclusion: The provision of neuropsychology for speech-language pathology undergraduate students is limited, and not associated with the type of university, the year of the pedagogical course project, or the region in which the university is located. The findings call attention to the need to adapt undergraduate curricula in speech-language pathology to consider the entire scope of this profession and address the epidemiology of communication disorders

Desafio anatômico: uma metodologia capaz de auxiliar no aprendizado de anatomia humana

In 2007 the city of Cajazeiras-PB received the implantation of the School of Medicine from Federal University of Campina Grande. In this process professors were faced with several difficulties. To propose improvements and even supplementation in Anatomy concepts, they created a didactic activity called “Anatomical Challenge” in which the students were instructed to fabricate didactical anatomical models to be used in classrooms, helping the content of the discipline. After work, the students were satisfied with the results, especially from the point of view of knowledge transmission and absorption of content. Thus, this experience was positive and unique to the process of teaching and learning of anatomy in medical school, because it stimulated creativity in many ways, memory and group working by the participants.Em 2007 a cidade de Cajazeiras-PB recebeu a implantação do curso de Medicina pela Universidade Federal de Campina Grande. Neste processo, os docentes se depararam com várias dificuldades. Para propor melhoras e até, suplementação da carga de conceitos em Anatomia Humana, foi criada uma atividade didática chamada “Desafio Anatômico”, no qual os discentes eram instruídos a confeccionar modelos anatômicos que fossem didáticos a ponto de serem usados nas aulas, auxiliando o conteúdoda disciplina. Após a apresentação dos trabalhos, os discentes mostraram-se satisfeitos com os resultados, sobretudo sob o ponto de vista de transmissão de conhecimento e absorção de conteúdo. Desta maneira, esta experiência mostrou-se positiva e singular para o processo de ensino-aprendizagem da anatomia no curso médico, pois a mesma estimulou de diversas formas a criatividade, memória e trabalho em grupo dos participantes

Abnormal thyroid hormone status differentially affects bone mass accrual and bone strength in C3H/HeJ mice: a mouse model of type I deiodinase deficiency

C3H/HeJ (C3H) mice are deficient of type I deiodinase (D1), an enzyme that activates thyroid hormone (TH), converting thyroxine (T4) to triiodothyronine (T3). Nevertheless, C3H mice present normal serum T3 and a gross euthyroid phenotype. To investigate if a global D1 deficiency interferes in the TH effects on bone, we compared bone growth, bone mass accrual and bone strength of C3H and C57BL/6J (B6) mice under abnormal TH status. Four-week-old female mice of both strains were grouped as Euthyroid, Hypothyroid (pharmacologically-induced), 1xT4 and 10xT4 (hypothyroid animals receiving 1- or 10-fold the physiological dose of T4 /day/16 weeks). Hypothyroidism and TH excess similarly impaired body weight (BW) gain and body growth in both mice strains. In contrast, whereas hypothyroidism only slightly impaired bone mineral density (BMD) accrual in B6 mice, it severely impaired BMD accrual in C3H mice. No differences were observed in serum and bone concentrations of T3 between hypothyroid animals of both strains. Interestingly, treatment with 10xT4 was less deleterious to BMD accrual in C3H than in B6 mice and resulted in less elevated T3 serum levels in B6 than in C3H mice, which is probably explained by the lower D1 activity in C3H mice. In addition, hypothyroidism decreased bone strength only in C3H but not in B6 mice, while TH excess decreased this parameter in both strains. These findings indicate that D1 deficiency contributes to the TH excess-induced differences in bone mass accrual in C3H vs. B6 mice and suggest that deiodinase-unrelated genetic factors might account for the different skeleton responses to hypothyroidism between strains

Seleção genotípica de variedades de milho via metodologia de modelos mistos.

Uma das técnicas utilizadas que tem evoluído em programas de melhoramento vegetal trata-se da análise via modelos mistos. A seleção de cultivares utilizando esta metodologia permite inferências mais precisas e realista acerca da avaliação genotípica dos genótipos superiores para de seleção. O objetivo deste trabalho foi selecionar genótipos de milho (Zea mays L.) de quatro safras do programa de melhoramento da Embrapa Acre, utilizando a metodologia de modelos mistos - REML/BLUP. Os experimentos foram conduzidos no campo Experimental da Embrapa Acre. O delineamento utilizado foi em látice retangular 5x6, com duas repetições. Utilizaram-se dados de produtividade de grãos de 78 variedades testadas no ensaio Nacional de milho nos anos 2013/2014, 2014/2015, 2015/2016, 2017/2018. Utilizou-se o modelo MHVG para estimar a estabilidade genotípica. Utilizou-se o software Selegem REML/BLUP para as análises estatístico-genéticas. Nos quatro anos verificou-se que as variedades não superaram as médias de produção dos híbridos. O ordenamento dos genótipos coincidiu nos quatro anos de avaliação indicando comportamento amplo das cultivares. A metodologia de modelos mistos foi eficiente na avaliação dos ensaios de valor de cultivo e uso, auxiliando na seleção e descarte de cultivares a cada ano agrícola. Os genótipos BRS 1055 e HTCMS-SP1 são os selecionados. One of the techniques used that has advanced in breeding programs is the analysis using mixed models. The selection of cultivars using this methodology allows for more accurate and realistic inferences about the genotypic evaluation of the superior genotypes for selection. The objective of this work was to select corn genotypes from four harvests of the Embrapa Acre breeding program, using the mixed model methodology - REML / BLUP. The experiments were conducted in the Experimental field of Embrapa Acre. The design used was in a 5x6 rectangular lattice, with two replications. Grain yield data from 78 varieties tested in the years 2013/2014, 2014/2015, 2015/2016, 2017/2018 were used. The MHVG model was used to estimate the genotypic stability. The Selegem REML / BLUP software was used for statistical-genetic analysis. In the four years it was found that the varieties did not exceed the average production of the hybrids. The ordering of the genotypes coincided in the four years of evaluation, indicating broad behavior of the cultivars. The mixed model methodology was efficient in evaluating the cultivation and use value tests, assisting in the selection and disposal of cultivars each agricultural year. The genotypes BRS 1055 and HTCMS-SP1 are selected