The news impact curve: An analysis of dollar denominated credit markets

Financial asset prices mirror investors’ expectations and risk perception, which translate into volatility. This volatility, or investment risk, is a key part of the investment decision and has been the target of several studies for several asset classes throughout the years. This study aims to determine if the conditional volatility of credit markets in dollars can be modelled, and if so, if it can be explained by external regressors. Building on existing frameworks, several ARCH type structures will be tested, including those which allow for leverage and asymmetry effects. Monthly returns of the Bloomberg Barclays Investment Grade USD index are going to be analysed and fitted, and the external variables used, based on literature review, include macroeconomic releases, macro prudential indicators and general news flow that can induce uncertainty, and therefore volatility. For the later, the EPU index will be used as a proxy. Analysis of the modelled structures conclude that it is possible to model conditional volatility using the aforementioned variables, with an EGARCH model. Further research is recommended to explore interest rate and excess returns components’ isolated response to these variables, which could strengthen the model.Os preços dos ativos financeiros refletem as expectativas e a perceção de risco dos investidores, o que se traduz em volatilidade. Essa volatilidade, ou risco associado ao investimento, é uma parte essencial da decisão de investimento e tem sido alvo de vários estudos para as diversas classes de ativos ao longo dos anos. Este estudo tem como objetivo determinar se a volatilidade condicional dos mercados de crédito em dólares pode modelizada e, em caso afirmativo, se pode ser explicada por regressores externos. Com base em modelos existentes, várias estruturas do tipo ARCH serão testadas, incluindo aquelas que efetivamente apreendem o efeito de alavancagem e assimetria. Os retornos mensais do índice Bloomberg Barclays Investment Grade USD serão analisados e ajustados a estas estruturas, e as variáveis externas utilizadas, com base na revisão da literatura, incluem dados macroeconómicos, indicadores macro prudenciais e notícias do espectro geral que podem induzir incerteza e, consequentemente, volatilidade. Para estas últimas será utilizado como proxy o índice EPU. A análise dos diversos modelos permite inferir que é possível modelar a volatilidade condicional usando as variáveis supramencionadas com um modelo EGARCH. Estudos futuros neste âmbito deverão explorar a resposta isolada das duas componentes dos índices de crédito, a taxa de juro e o excesso de retorno, a essas variáveis, o poderia fortalecer o modelo

Novel biocides for cultural heritage

Many microorganisms, influenced by environmental conditions, are the main responsible for biological contamination in built heritage. Biocides based on chemical toxic compounds have been the most often used to mitigate this problem. Thus, it is of vital importance to develop proper remediation actions based on environmentally innocuous alternatives. Bacteria of the genera Bacillus are emerging as an optimistic alternative due to their capacity to produce secondary metabolites with antagonistic activities against many fungal pathogens. This work aimed to develop ground-breaking research in the area of cultural and built heritage rehabilitation, by the development of natural and green safe biocides for biodegradation/biodeterioration treatment of Cultural Heritage. A complementary methodology, including antifungal tests and molecular approaches was used, in combination with microscopic and analytical techniques to detect, characterise and study the efficiency of the biological active compounds produced by Bacillus sp. strains. Flow cytometry allowed a comprehensive study of the physiological mechanism behind the bioactive compounds production in order to understand and improve the strategic approaches for process optimisation and scale up production. Moreover, according to the results of the toxicological tests, these compounds have proven to be a real environmental safe and innocuous alternative to the chemical biocides commonly used during the conservative interventions. Thus, they have shown a great potential for their future application in cultural and built heritage rehabilitation; Novos Biocidas para o Património Cultural Resumo: Vários microrganismos influenciados pelas condições ambientais são os principais responsáveis pela contaminação biológica do património cultural edificado. Na tentativa de mitigação destes agentes, compostos geralmente tóxicos têm sido os mais utilizados. Assim, é de enorme importância desenvolver ações de remediação dirigidas aos agentes efetivamente biodeteriogénicos, baseados em alternativas inócuas para o meio ambiente. As bactérias do género Bacillus surgem, como uma viável alternativa devido à capacidade de produzir metabolitos secundários com atividade antagonista, contra diversos fungos. Este trabalho teve como objetivo desenvolver uma investigação inovadora que possa vir a ser útil na área de reabilitação do património cultural edificado, através da produção de novos biocidas naturais e mais ecológicos. Utilizou-se uma abordagem metodológica, que incluiu testes antifúngicos e abordagens moleculares, combinadas com técnicas microscópicas e analíticas, de forma a detetar, caracterizar e estudar a eficiência de compostos biologicamente ativos produzidos por estripes de Bacillus sp.. Foram ainda utilizados os mecanismos fisiológicos por detrás da produção destes compostos, de forma a perceber e melhorar as abordagens estratégicas no processo de otimização da produção. Em testes toxicológicos, compostos produzidos por estirpes de Bacillus sp. selecionados, provaram ser uma alternativa ecológica aos biocidas químicos, comumente utilizados em intervenções de conservação. Desta forma, estes demonstram um elevado potencial para futura utilização na reabilitação do património cultural edificado

detection for yeast and bacteria in wood slabs by RNA FISH

The deterioration of cultural heritage objects and assets (mural paintings, statues, and many other art objects made of wood, stone, paper, ceramic, glass, inter alia) can be caused by microorganisms [1]. One of the most important steps for applying adequate conservation and protection measures is early identification and monitorization of microbial colonization. The conventional culture-based methods used so far have become insufficient to detect/identify the biodeteriogenic agents. Thus, molecular techniques have started to attract considerable interest [2,3]. Our group is focused on detecting and identifying microorganisms that cause biodeterioration on artworks using the RNA-FISH molecular technique [4]. It is a simple, rapid and promising molecular technique enabling the detection, visualization and identification of the viable microorganisms of interest [5,6]. As any other technique, RNA-FISH has its own minimum Limit Of Detection (LOD) and for ensuring the reliability of RNA-FISH analyses, determination of the associated LODs is imperative. Thus, the aim of this work was to determine the LOD for yeast and bacteria in wood slabs by RNA-FISH. Universal probes for targeting eukaryotes (EUK516) and bacteria (EUB338) labeled with Cy3 or Atto-647N dyes were used.This work was co-financed by ALT20-03-0246-FEDER-000004-ALENTEJO 2020 project and by FCT through the project PTDC/BBB-IMG/0046/2014 and grants SFRH/BD/118028/2016 and SFRH/BPD/100754/2014

Coumarins as Fluorescent Labels of Biomolecules

Important areas such as environmental sciences, medicine, pharmacy, and cellular biology are dependent on very sensitive analytical techniques. One of the most common methodologies used for their bioanalytical purposes is the fluorescent labelling. The synthesis of new fluorophores and the great development of fluorescent-labelling techniques combined with the enormous technological advances in the field of fluorescence microscopy allowed to deepen the structural knowledge of biomolecules. This new organic fluorophores form covalent bonds with the sample to be analyzed, producing stable bioconjugates that show fluorescence in a wide range of wavelengths, depending on the label used. Coumarin derivatives represent one of the most important chemical classes of organic fluorescent materials being one of the most extensively investigated and commercially significant groups of organic fluorescent materials. In this chapter, it is reviewed the use of fluorescent coumarin derivatives and their application to labelling biomolecules. These fluorescent labels allow researchers to study, and understand, biomolecular assemblies that exhibit complex sensitivity and selectivity. Reactive fluorescent coumarin derivatives are actually widely used in labelling biomolecules as peptides, proteins, oligonucleotides, nucleic acids, and carbohydrates, among other biological molecules

Insights into (S)-rivastigmine inhibition of butyrylcholinesterase (BuChE): Molecular docking and saturation transfer difference NMR (STD-NMR)

Rivastigmine is a very important drug prescribed for the treatment of Alzheimer's disease (AD) symptoms. It is a dual inhibitor, in that it inhibits both acetylcholinesterase (AChE) and butyrylcholinesterase (BuChE). For our screening program on the discovery of new rivastigmine analogue hits for human butyrylcholinesterase (hBuChE) inhibition, we investigated the interaction of this inhibitor with BuChE using the complimentary approach of the biophysical method, saturation transfer difference (STD)-NMR and molecular docking. This allowed us to obtain essential information on the key binding interactions between the inhibitor and the enzyme to be used for screening of hit compounds. The main conclusions obtained from this integrated study was that the most dominant interactions were (a) H-bonding between the carbamate carbonyl of the inhibitor and the NH group of the imidazole unit of H434, (b) stacking of the aromatic unit of the inhibitor and the W82 aromatic unit in the choline binding pocket via pi-pi interactions and (c) possible CH/pi interactions between the benzylic methyl group and the N-methyl groups of the inhibitor and W82 of the enzyme

Caracterización de las curvas de crecimiento del ovino segureño en sistemas convencionales y orgánicos

El programa de selección del ovino Segureño ha alcanzado un gran desarrollo en los últimos años, situándose entre los más avanzados de España y de la UE. Por esta razón, el equipo técnico responsable del mismo se ha planteado la búsqueda de nuevos criterios de selección que repercutan positivamente en la competitividad de la raza. Entre estos critérios destaca la utilización del significado biológico de la curva de crecimiento de mejor ajuste, como criterio de selección para mejorar aspectos tales como la edad al sacrificio, la precocidad, entre otros. En la presente Tesis nos hemos responsabilizado de ese reto y para ello, utilizando los datos entre los años de 2000 hasta 2015 de la base de datos histórica de la Asociación Nacional de Criadores de Ovino Segureño (ANCOS), hemos desarrollado un estudio en tres etapas que nos llevarán a ofrecer los mencionados nuevos criterios de selección al programa genético. En una primera etapa se han analizado modelos no lineales para describir las curvas de crecimiento biológico (del nacimiento hasta la edad adulta) y comercial (del nacimiento hasta la edad de sacrificio) del ovino de raza Segureña. En una segunda etapa se llevó a cabo un estudio para evaluar los efectos de los factores no genéticos (sexo del cordero, época de nacimiento, rebaño, año de nacimiento y tipo de parto) sobre el comportamiento en crecimiento de los animales, con vistas a optimizar los modelos de análisis genéticos a utilizar sobre los parámetros de las curvas. Finalmente, en una tercera etapa de definió la curva de mejor ajuste individual y sobre los parámetros de la misma en cada animal se calcularon parámetros genéticos que nos ilustraron sobre los niveles de variabilidad genética de los mismos en la población; sobre las relaciones genéticas entre los parámetros y sobre todo, sobre sus habilidades como criterios de selección potenciales. Estas tres etapas constituyeron los objetivos específicos de la presente tesis, y cada uno de ellos dio lugar a un artículo específico que se publicó en revistas de impacto. Los contenidos de los mismos se resumen a continuación: En el primer trabajo (Characterization of commercial and biological growth curves in the Segureña sheep breed. Animal 2015, 9, pp 1341-1348. doi: 10.1017/S1751731115000567. Cuartil 1, Factor de Impacto: 1.841) se analizaron los modelos no lineales para describir las curvas de crecimiento biológicos y comerciales de la oveja Segureña, una de las más importantes razas españolas. Evaluamos los modelos de Brody, von Bertalanffy, Verhulst, Gompertz y logístico a partir de datos históricos de la Asociación Nacional de Criadores de Ovino Segureña (ANCOS). Estos registros fueron...The sheep breeding program of Segureño breed has reached a great development in recent years, ranking among the most advanced in Spain and EU. For this reason, its responsible technical team has considered the search for new selection criteria which influence the competitiveness of the breed, in which emphasizes the use of the biological meaning of the best fit growth curve, as selection criteria to improve aspects such as age at slaughter, precocity, among others. In this thesis we have taken responsibility for this challenge and for this, using data between the years 2000-2015 of the historical database of the National Association of Segureño Sheep Breeders (ANCOS), we developed a study in three stages that lead us to offer the aforementioned new criteria to the genetic program. In a first stage, it was analysed nonlinear models describing biological (birth to adulthood) and commercial (birth to slaughter age) growth curves of Segureña sheep breed. In a second stage a study was conducted to evaluate the effects of non-genetic factors (sex, birth season, herd, birth year and birth type) on the growth behaviour of the animals in order to optimize the genetic analysis models to use of on the curves parameters. Finally, in a third stage it was defined the individual best fit curve and with each animal parameters it was calculated the genetic parameters that illustrated us on genetic variability levels of them in the population, on genetic relationships between parameters and, above all, on their abilities as potential selection criteria. These three stages constitute the specific objectives of this thesis, and each led to a specific article published in journals of impact, and whose contents are summarized below: In the first paper (Characterization of commercial and biological growth curves in the Segureña sheep breed. Animal 2015, 9, pp 1341-1348. doi:10.1017/S1751731115000567) Non-linear models were analysed to describe both the biological and commercial growth curves of the Segureña sheep, one of the most important Spanish breeds. We evaluated Brody, von Bertalanffy, Verhulst, logistic and Gompertz models, using historical data from the National Association of Segureña Sheep Breeders (ANCOS). These records were collected between 2000 and 2013, from a total of 129 610 weight observations ranging from birth to adulthood. The aim of this research was to establish the mathematical behaviour of body development throughout this breed’s commercial life (birth to slaughter) and biological life (birth to adulthood); comparison between both slopes gives important information regarding the best time for slaughter, informs dietary..

Microanalysis Characterization of Bioactive Protein-Bound Polysaccharides Produced by Amanita Ponderosa Cultures

Different compounds of edible mushrooms are responsible for their bioactivity. The ability to synthesize polysaccharides, namely protein–polysaccharide (PPS) complexes, is related to the antioxidant capacity of these compounds and present great interest in preventing a number of diseases, including cancer, cardiovascular and auto-immune diseases, and accelerated aging. Amanita ponderosa are wild edible mushrooms that grow in Mediterranean “montado” areas [Portuguese name given to cork oak (Quercus suber) and holm oak (Quercus ilex) forests]. The aim of this study was to evaluate the production of PPS complexes obtained from A. ponderosa cultures using a new microanalytical approach to quickly and easily monitor the production process. Microanalysis using Fourier-transform infrared using attenuated total reflection and Raman spectroscopy of PPS samples showed spectra compatible with identification of this type of compound in culture extracts. PPS separated by size-exclusion chromatography showed seven main complexes. Molecular weights of the main PPS complexes isolated from cultures ranged between 1.5 and 20 kDa and did not present toxicity against Artemia salina, demonstrating the potential of A. ponderosa as a source of biologically active compounds with nutraceutical value. Application of this microanalytical approach to monitoring the production of PPS compounds can be successfully applied in biotechnological processes

Direito aéreo : responsabilidade civil do transportador aéreo em caso de atraso e overbooking

O setor aéreo comercial encontra-se em franca expansão, com novidades tecnológicas e novas rotas, a par da segurança e celeridade, a fomentarem a escolha deste meio de transporte pelos consumidores. O Direito tem um papel primordial para o controlo do mercado da aviação aérea, competindo-lhe resolver todas as questões relacionadas com o dito transporte e com o contrato de transporte. Nessa medida, os Estados ratificaram a Convenção de Varsóvia e, posteriormente, a Convenção de Montreal a fim de regular a responsabilidade do transportador aéreo e, consequentemente, proteger os interesses dos passageiros. A nível comunitário, a União Europeia criou o Regulamento (CE) n.º 261/2004 do Parlamento Europeu e do Conselho de 11 de fevereiro de 2004 com enfoque para a assistência e direitos dos passageiros. A combinação destes instrumentos é a fórmula para a concretização da responsabilização civil do transportador aéreo quando incumprido o contrato de transporte. Serão estes os diplomas a base do presente estudo para a análise do regime de responsabilidade civil do transportador aéreo em caso de recusa de embarque e de atraso dos voos.The aerial commercial sector is in a notorious expansion, with technological innovations and new routes, along with safety and speed, to promote the choice of this mean of transport by consumers. The Law has a primary role for the control of the aerial aviation market, being responsible for resolving all issues related to the referred transport and with the transport contract. To that extent, States have ratified the Warsaw Convention and, subsequently, the Montreal Convention in order to regulate the liability of the air carrier and, consequently, to protect the passengers interests. At Community level, the European Union has established the Regulation (EC) No 261/2004 of the European Parliament and of the Council on 11 February 2004 focusing on assistance and passengers rights. The combination of these instruments is the formula for achieving the civil responsibility of the air carrier’s on condition the transport contract is not fulfilled. These will be the study basis for the analysis of civil responsibility regime of the air carrier in case of denied boarding and delayed flights