Assessing and Valuing the Non-Linear Structure of Hedge Fund Returns

Several studies have put forward the non-linear structure and option-like features of returns associated with hedge fund strategies. The authors provide a statistical methodology to test for such non-linear features with the returns on any benchmark portfolio. They estimate the portfolio of options that best approximates the returns of a given hedge fund, account for this search in the statistical testing of the contingent claim features, and test whether the identified non-linear features have a positive value. The authors find that not all categories of funds exhibit significant non-linearities, and that only a few strategies as a group provide significant value to investors. Individual funds may still provide value in an otherwise poorly performing category.Econometric and statistical methods; Financial institutions

CONTAGION AND PORTFOLIO SHIFT IN EMERGING COUNTRIES´ SOVEREIGN BONDS

The paper tests whether there were events of contagion, and portfolio shift, in the sovereign bond markets of eleven emerging countries' between January 1995 and November 2001. From existing definitions, we narrow down the concept of contagion by focusing on pricing errors, after general market movements have been taken into account with a three-factor asset pricing model. We measure contagion (and portfolio shift) in terms of a causal positive (negative) dynamic co-movement between sovereign bond pricing errors. Downgrades of sovereign ratings are used as proxies for a shock. We find empirical support for contagion and portfolio shift for a number of countries on the basis of our definition.Financial linkages, financial crisis, Granger causality, international

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Abordagem metodológica interdisciplinar na educação profissional

Neste relato propomos um diálogo acerca dos referenciais assumidos na constituição docente no território da Educação Profissional brasileira. A atuação profissional junto ao Instituto Federal de Educação, Ciência e Tecnologia do Rio Grande do Sul – IFRS, Câmpus Rio Grande e a adoção de uma abordagem interdisciplinar representam os espaços de onde partem reflexões sobre atividades de aprendizagem que mobilizam o sujeito coletivo a partir de uma proposta que busca problematizar a forma como construímos conhecimento. Nesse sentido, discutimos os desafios de uma abordagem metodológica partilhada entre disciplinas das áreas geral e técnica na modalidade integrada da Educação Profissional. A partir de um ensino que integre cultura e ciência, humanismo e tecnologia, buscamos uma formação profissional que articule conhecimento técnico, reflexivo, crítico e relacional

Economic, Ecological, and Social Valuing of the Cuniculus Paca under the Ecuadorian Model of Good Living(“Buen vivir”)

Abstract. Departing from the current development and Ecuadorian strategy, this paper assesses the wildlife species named Cuniculus Paca as a source of bush meat for local rural communities settled along the Pacific coast. At the outset, two premises are set up: on the one hand, a distinction is made between Cuniculus Pacaas a positional good and as a relational good and, on the other hand, custom is assumed lying behind in its chasing process. Thereby, it proposes a methodology to value the aforementioned specie from both economic and ecological standpoints, but also incorporating in the later the variable Good Living (“Buen vivir”), which is measured by the level of satisfaction of the relational good that is co-produced along hunting. It is also assumed that this supplementary activity carried out by local people is largely a tradition passed on from one generation to another. The paper also calculates the abundance average relative index top lace the Cuniculus paca population in the wild. An econometric model is then specified to estimate the effect of Good Living (“Buen vivir”) on its social value of the Cuniculus Paca. Based upon the estimated results some right policies to ensure a sustainable management of such resource are brought to the fore to ensure the bush meat consumption among local peasants, in line with the Good Living (“Buen vivir”) convocation.Keywords. Economic value, cultural value, ecological value, Good Living or “Buen vivir”, Cuniculus paca, public policy.JEL. D12, O12, Q28, Q57

Allies in name only? Latino-only leadership on DACA may trigger implicit racial biases among White liberals

At the beginning of September, President Trump announced the end of the Deferred Action for Childhood Arrivals (DACA) program within six months. Activists mobilized immediately in response to protect the program which provides temporary shelter from deportation to those covered by the DREAM Act. In new survey research, Sergio Garcia-Rios, Kassra AR Oskooii and Hannah Walker find that when efforts ..

Here's what the Democrats need to do to get the DREAM Act through Congress

Last week the United States government shut down for the first time in nearly 5 years. At the centre of the shutdown was the impasse between Democrats and Republicans over the DREAM Act, which would grant residency to those who came to the US as the children of undocumented immigrants. While the Democrats eventually agreed to a budget which did not include the legislation, Hannah Walker, Kassra A.R. Oskooii, and Sergio Garcia-Rios write that there is still widespread support for such a measure among Democratic voters. In order to get immigration reform through Congress, they argue, the Democratic Party, must mobilize its supporters en masse into a broad-based coalition to push for reform

Tributación : Aplicación del impuesto d¡sobre la renta del trabajo establecido en la Ley No. 822, Ley de concentración tributaria de la República de Nicaragua

El Impuesto sobre la Renta en Nicaragua ha sido objeto de una especial regulación y de diversos cambios desde 1952 hasta la fecha, siendo el principal motivo de estas transformaciones la dinamización de la economía nicaragüense. A esto responde la promulgación de la Ley No. 822, “Ley de Concertación Tributaria” (LCT), publicada en la Gaceta, Diario Oficial No. 241 del 17 de diciembre de 2012, con la cual se consigue analizar de manera particular los supuestos de aplicación del Impuesto sobre la Renta del Trabajo y los principales aspectos de recaudación establecidos en la legislación nicaragüense, ya que con la ley anterior no existía un sistema que gravara de forma separada los distintos tipos de renta. Siendo los aspectos doctrinarios y legales la base fundamental de este estudio, se recopiló información de diversas fuentes bibliográficas pero la principal fue obtenida del marco jurídico tributario que rige en Nicaragua. Al momento de realizar la comparación de nuestro sistema tributario con los demás países Centroamericanos logramos descubrir que existen una variedad de semejanzas y diferencias en lo que a impuestos se refiriere; un ejemplo sencillo son los periodos fiscales que en su mayoría se conserva el mismo que en nuestro país a excepción de Costa Rica