Parametric Immunization in Bond Portfolio Management

In this paper, we evaluate the relative immunization performance of the multifactor parametric interest rate risk model based on the Nelson-Siegel-Svensson specification of the yield curve with that of standard benchmark investment strategies, using European Central Bank yield curve data in the period between January 3, 2005 and December 31, 2011. In addition, we examine the role of portfolio design in the success of immunization strategies, particularly the role of the maturity bond. Considering multiperiod tests, the goal is to assess, in a highly volatile interest rate period, whether the use of the multifactor parametric immunization model contributes to improve immunization performance when compared to traditional single-factor duration strategies and whether durationmatching portfolios constrained to include a bond maturing near the end of the holding period prove to be an appropriate immunization strategy. Empirical results show that: (i) immunization models (single- and multi-factor) remove most of the interest rate risk underlying a naïve or maturity strategy; (ii) duration-matching portfolios constrained to include the maturity bond and formed using a single-factor model outperform the traditional duration-matching portfolio set up using a ladder portfolio and provide appropriate protection against interest rate risk; (iii) the multifactor parametric model outperforms all the other non-duration and duration-matching strategies, behaving almost like a perfect immunization asset; (iv) these results are consistent to changes in the rebalancing frequency of bond portfolios

Engaging Assignments Increase Performance

It is well known that students who complete homework assignments and other outside of class activities related to the course lead to improve student outcomes. However, engaging a student and motivating them to complete their assignments is no easy feat. To address this, we developed new assignments for two sections of the Fall 2018 course CS135.https://digitalscholarship.unlv.edu/btp_expo/1054/thumbnail.jp

Fatty acid metabolism in isolated enterocytes from salmonid fish.

Considering the results found, through in vivo experimentation, that intestine of trout and specifically pyloric caeca was an important site of metabolic activity (Bell et al., 2003c), it was contemplated to begin with a research project to demonstrate and establish the rate in which n-3 HUFA are synthesised by intestinal cells using in vitro assays. The aim of the research work was to determine the importance of intestine and caecal enterocytes in fatty acid metabolism in salmonids, focusing on their potential role in HUFA synthesis and the effects of replacement of fish oil (FO) with vegetable oils (VO) in the diets. The results of the investigation gave answer to the most important questions about intestinal metabolism of fatty acids and brought suggestions for future research work. A simple method for the isolation of viable enterocytes from salmonids suitable for use in both laboratory and fish farm conditions was established, and a method to analyse desaturation/elongation and P-oxidation activities in a single combined assay was developed. Pyloric caeca enterocytes were found to be more active than other intestinal tissues tested in terms of HUFA synthesis capacity and they were used for the evaluation of the following dietary trials. The performance of the HUFA synthesis assay in the enterocyte preparations was determined under a variety of parameters to standardize an assay protocol for use in all comparative studies. Regarding the effect of replacing FO with VO in diets for salmonids on fatty acid metabolism in enterocytes it was found that VO (a blend) can be good substitute for FO and can be use by the salmon industry without compromising the standard of quality of the product. Caecal enterocytes were not more active than hepatocytes and, irrespective of the diet, the primary fate of the substrate was P-oxidation rather than HUFA synthesis. HUFA synthesis in enterocytes and hepatocytes, increased in fish fed VO compared to fish fed FO and fish fed VO increased fatty acid oxidation activity in enterocytes whereas there was no dietary effect in hepatocytes

Identification and validation of microsatellite markers in strawberry tree (Arbutusunedo L.)

Strawberry tree (Arbutus unedo L.), an evergreen shrub/small tree of the family Ericaceae, is a main constituent of the Mediterranean basin flora; although it is also found in southwestern Prance, Macaronesia, and Ireland. The small fruits are edible but mostly used for preparation of preserves and jams, and for liquors such as the Portuguese traditional "aguardente de medronho". Traditionally cultivated by small farmers, often in consociation with Quercus sp., strawberry tree is presently emerging as a new important fruit crop cultivated in large orchards by modern export-oriented enterprises. This change of paradigm requires a growing role of plant breeding, upstream of the production process. Genomic tools for this species are mostly limited to the chloroplast genome sequence and to genomic data described in this work. In order to identify strawberry tree microsatellite (SSR) loci we performed partial genome next-generation sequencing using the Ion Torrent technology. The sequenced similar to 24.6M nucleotides resulted in the identification of 1185 microsatellite markers mostly constituted by dinucleotide motifs. The relative amount of microsatellite dinucleotide motifs (AG/CT - 71.7%, AC/GT - 20.5%, AT/AT - 2.9%, and CG/CG - 0.3%) is similar to the one observed in other Ericaceae species. Among a tested sample of 40 SSR primer pairs, 20 amplified well-defined PCR products, 12 (30%) were validated as polymorphic. Used in our collaborative project for molecular identification of selected and improved clones, the identified SSR loci constitute a strong tool for a large panoply of applied and fundamental studies of this emerging fruit crop.Pluriannual Funding Program of the Portuguese National Foundation for Science and Technologyinfo:eu-repo/semantics/publishedVersio

The pricing of ESG syndicated loans : an empirical analysis of spread determinants

Sustainable financing, although recent, has shown an increasing relevance over the years in today's financial world, on its way to becoming the new standard in the corporate world. The main objective of this dissertation is to contribute to the theoretical and empirical literature on Environmental, Social, and (Corporate) Governance (ESG) syndicated loans, a topic that lacks empirical work. An analysis is made of these loans, in terms of pricing and its determinants, comparing them to conventional syndicated loans. In order to carry out these analyses, the main variables that impact the spread of these loans are empirically investigated, through comparison and regression analyses, with several robustness tests. The analyzed sample contains 17,232 loan tranches, of which 318 are classified as sustainable loans, closed between 2018 and 2022 in OECD countries. Results demonstrate that ESG syndicated loans are, on average, cheaper than conventional syndicated loans. Additionally, we draw a second conclusion, in which common factors that determine the spread of these loans have a different impact on the spread, depending on the type of loan sustainable vis-à-vis conventional.O financiamento sustentável, apesar de recente, tem demonstrado uma relevância crescente ao longo dos anos no mundo financeiro atual, a caminho de se tornar o novo standard no mundo corporativo. Esta dissertação tem como principal objetivo contribuir para a literatura teórica e empírica sobre empréstimos sindicados sustentáveis, um tema que tem escassez de trabalho empírico. Procede-se a uma análise desta tipologia de empréstimos, a nível do spread e dos seus determinantes, comparando-os com empréstimos sindicados convencionais. Para a realização desta análise, investiga-se empiricamente as principais variáveis que impactam o spread destes empréstimos, através de análises estatísticas comparativas e de modelos de regressão, com vários testes de robustez. A amostra analisada contém 17.232 tranches, dos quais 318 são empréstimos sustentáveis, fechados entre 2018 e 2022 em países pertencentes à OCDE. Os resultados desta análise demonstram que os empréstimos sindicados sustentáveis são, em média, mais baratos que os empréstimos sindicados convencionais. Adicionalmente, conclui-se que fatores comuns que determinam o spread destes empréstimos, têm um impacto diferente no spread, consoante o tipo de empréstimo, sustentável ou convencional

Marketing interno : uma proposta para o setor turístico açoriano

Dissertação de Mestrado, Ciências Económicas e Empresariais, 17 de fevereiro de 2017, Universidade dos Açores.No atual contexto de grande desenvolvimento e mudanças profundas no setor turístico dos Açores, ganha cada vez maior relevância, num mercado composto maioritariamente por atividades de alto contato, desenvolver mecanismos capazes de garantir o crescimento e retenção dos melhores colaboradores, otimizando os custos, e assegurando a entrega de um serviço de excelência. Esta investigação pretende, dessa forma, expor o Marketing Interno como o novo caminho a seguir nesse sentido, analisando a evolução do construto, quer a nível teórico, desde os conceitos que estão na sua raiz, até à sua conceção e evolução para o estado atual, quer a nível prático, através da análise de uma série de casos de estudo documentados. Também é efetuado um estudo estatístico utilizando um inquérito de medição de satisfação profissional, o Índice Descritivo do Trabalho, aplicado a 119 colaboradores, para determinar se é justificável a implementação do Marketing Interno nas empresas hoteleiras açorianas. É demonstrado que entre amostra em estudo, a satisfação profissional não é reduzida, no entanto, a aplicação de práticas e políticas de Marketing Interno poderão de igual modo ser justificáveis, dado que os incentivos monetários tradicionais não parecem ter grande peso na criação dessa mesma satisfação, e estes mecanismos asseguram vantagens sustentadas e competitivas que vão de encontro às necessidades que se detetam no setor, na Região, atualmente.ABSTRACT: In the current context of great development and profound changes in the tourism sector of the Azores, a market comprised mainly by high contact activities, it becomes ever more relevant the need to develop mechanisms capable of guaranteeing the growth and retaining of the best staff, optimizing costs and assuring the delivery of excellent service. The present investigation intends to present Internal Marketing as a new course of action in this sense, analysing the evolution of the construct, either theoretically, starting with the concepts that are at it’s roots, all the way up to the conception and evolution to the present day, either in a practical sense, through the analysis of a series of documented case studies. A statistical study is also performed, employing a survey that measures job satisfaction. The Job Descriptive Index, distributed between 119 respondents, to determine if the implementation of Internal Marketing in the azorian hotel enterprises is justified. It is demonstrated that job satisfaction is not low for the studied sample, but the application of Internal Marketing practices and policies might still be justifiable, since traditional monetary incentives don’t seem to have much of an impact on the building of job satisfaction in this context, and these mechanisms assure competitive and sustained advantages, which meets the current needs detected in this sector, for the Region in question, in the present day

Improving Physics learning with virtual environments: an example on the phases of water

Usually students have misconceptions on the microscopic structure and behaviour of matter. In order to overcome these difficulties computer-based worlds seem useful to visualize physical and chemical processes allowing for a better conceptual understanding. Since more 3-D virtual environments need to be explored and evaluated in science education, we have built a 3-D virtual environment – “Virtual Water” – to support the learning of Physics and Chemistry at the final high school and first-year university levels. It is centered in the microscopic structure of water and explores concepts related to water phases and the transitions between them.Usually students have misconceptions on the microscopic structure and behaviour of matter. In order to overcome these difficulties computer-based worlds seem useful to visualize physical and chemical processes allowing for a better conceptual understanding. Since more 3-D virtual environments need to be explored and evaluated in science education, we have built a 3-D virtual environment – “Virtual Water” – to support the learning of Physics and Chemistry at the final high school and first-year university levels. It is centered in the microscopic structure of water and explores concepts related to water phases and the transitions between them

Using Information and Communication Technologies (ICT) for mental health prevention and treatment

Mental disorders are a recognized population health issue, with recent estimates placing mental illness as the first in global burden of disease in terms of years lived with disability, and comparable to cardiovascular and circulatory diseases in terms of disability-adjusted life years. Common mental disorders refer to a range of anxiety and depressive disorders, which are prevalent disorders around the world (4.4% and 3.6% of the global population suffer from depression and anxiety disorders, respectively), with variations across different regions and populations..

Improving Physics learning with virtual environments: an example on the phases of water

Usually students have misconceptions on the microscopic structure and behaviour of matter. In order to overcome these difficulties computer-based worlds seem useful to visualize physical and chemical processes allowing for a better conceptualunderstanding. Since more 3-D virtual environments need to be explored and evaluatedin science education, we have built a 3-D virtual environment – “Virtual Water” – tosupport the learning of Physics and Chemistry at the final high school and first-yearuniversity levels. It is centered in the microscopic structure of water and exploresconcepts related to water phases and the transitions between them.Usually students have misconceptions on the microscopic structure and behaviour of matter. In order to overcome these difficulties computer-based worlds seem useful to visualize physical and chemical processes allowing for a better conceptualunderstanding. Since more 3-D virtual environments need to be explored and evaluatedin science education, we have built a 3-D virtual environment – “Virtual Water” – tosupport the learning of Physics and Chemistry at the final high school and first-yearuniversity levels. It is centered in the microscopic structure of water and exploresconcepts related to water phases and the transitions between them