Narrativas y Sentimiento de Mercado

En este paper yo computo el sentimiento de mercado a nivel firma usando los archivos 10K y 10Q que las firmas que cotizan en la bolsa deben enviar todos los trimestres a la Comisión Nacional del Mercado de Valores de los Estados Unidos (U.S. Securities and Exchange Comission, SEC). Estos textos son diferentes a los medios de comunicación social, dado que solo son leídos por personas especializadas, corredores de bolsa o inversores. Es interesante analizar como se comportan las diferentes medidas computadas sobre ellos. El análisis (detallado más adelante) muestra que la medida de sentimiento, al igual que sus componentes de excitación y ansiedad, son más variables en las firmas de mayor tamaño, lo cual parece ser causado porque ellas preparan archivos de mayor longitud y realizan análisis más precisos.Por motivos relacionados con los derechos de autor este documento solo puede ser consultado en la Biblioteca Di Tella. Para reservar una cita, por favor escribinos a [email protected] También podés escribirnos a dicha dirección de correo, en caso que la tesis sea de tu autoría y quieras autorizar su publicación online

Análisis de la Ingesta Dietética y Composición Corporal de Corredores Universitarios

The aim of this cross-sectional study was to compare dietary intake to published recommendations and to analyze the potential relationship between body composition and dietary intake in collegiate athletes. Eighteen healthy male middle- and long-distance runners (age 20.11 ± 2.72 y; height, 174.7 ± 6.1 cm; body mass, 64.0 ± 7.7 kg), were recruited from a Mexican university track and field team at the beginning of the general preparation phase for national competitions. Participants completed three 24-hour dietary recalls, which were used to estimate dietary intake. Body composition was measured by Dual-energy X-ray absorptiometry (DXA). Athletes displayed high body fat values. Protein intake was significantly higher than published recommendations. Iron, zinc, sodium, and vitamin C intake were significantly higher than recommended values, while potassium and calcium intake were below established recommendations. No significant correlations between body composition variables (i.e body fat, lean body mass, bone mineral content) and dietary intake (i.e energy, macronutrients and selected vitamins and minerals) could be found. These findings suggest that coaches and practitioners should pay close attention to dietary intake and body composition of endurance athletes starting general preparation for competition. Future studies on changes of dietary intake and body composition during off-season and competitive phase, which also track physical activity, are warranted.El objetivo de este estudio transversal fue comparar la ingesta dietética con las recomendaciones publicadas y analizar la relación potencial entre la composición corporal y la ingesta dietética en corredores universitarios. Dieciocho atletas masculinos sanos de media y larga distancia (edad 20,11 ± 2,72 años; altura, 174,7 ± 6,1 cm; masa corporal, 64,0 ± 7,7 kg), fueron reclutados de un equipo de atletismo de una universidad mexicana al comienzo de la fase de preparación general de competiciones nacionales. Los participantes completaron tres recordatorios dietéticos de 24 horas, que se utilizaron para estimar la ingesta dietética. La composición corporal se midió mediante absorciometría de rayos X de energía dual (DXA). Los atletas mostraron altos valores de grasa corporal. La ingesta de proteínas fue significativamente mayor que las recomendaciones publicadas. La ingesta de hierro, zinc, sodio y vitamina C fue significativamente superior a los valores recomendados, mientras que la ingesta de potasio y calcio estuvo por debajo de las recomendaciones establecidas. No se encontraron correlaciones significativas entre las variables de composición corporal (es decir, grasa corporal, masa corporal magra, contenido mineral óseo) y la ingesta dietética (es decir, energía, macronutrientes y vitaminas y minerales seleccionados). Estos hallazgos sugieren que los entrenadores y los practicantes deberían prestar mucha atención a la ingesta dietética y la composición corporal de los atletas de resistencia que comienzan la preparación general para la competencia. Se justifican estudios futuros sobre los cambios en la ingesta dietética y la composición corporal durante la fase fuera de temporada y competitiva, como también un seguimiento de la actividad física

Space-like (vs. time-like) collinear limits in QCD: is factorization violated?

We consider the singular behaviour of QCD scattering amplitudes in kinematical configurations where two or more momenta of the external partons become collinear. At the tree level, this behaviour is known to be controlled by factorization formulae in which the singular collinear factor is universal (process independent). We show that this strict (process-independent) factorization is not valid at one-loop and higher-loop orders in the case of the collinear limit in space-like regions (e.g., collinear radiation from initial-state partons). We introduce a generalized version of all-order collinear factorization, in which the space-like singular factors retain some dependence on the momentum and colour charge of the non-collinear partons. We present explicit results on one-loop and two-loop amplitudes for both the two-parton and multiparton collinear limits. At the level of square amplitudes and, more generally, cross sections in hadron--hadron collisions, the violation of strict collinear factorization has implications on the non-abelian structure of logarithmically-enhanced terms in perturbative calculations (starting from the next-to-next-to-leading order) and on various factorization issues of mass singularities (starting from the next-to-next-to-next-to-leading order).Comment: 81 pages, 5 figures, typos corrected in the text, few comments added and inclusion of NOTE ADDED on recent development

Derivative margin calls: A new driver of MMF flows

During the March 2020 market turmoil, euro area money-market funds (MMFs) experienced significant outflows, reaching almost 8% of assets under management. This paper investigates whether the volatility in MMF flows was driven by investors' liquidity needs related to derivative margin payments. We combine three highly granular unique data sources (EMIR data for derivatives, SHSS data for investor holdings of MMFs and Refinitiv Lipper data for daily MMF flows) to construct a daily fund-level panel dataset spanning from February to April 2020. We estimate the effects of variation margin paid and received by the largest holders of EUR-denominated MMFs on flows of these MMFs. The main findings suggest that variation margin payments faced by some investors holding MMFs were an important driver of the flows of EUR-denominated MMFs domiciled in euro area

Experimental validation of a hybrid power-to-heat storage based on high temperature phase change materials to enhance sector coupling and flexibility

An innovative power-to-heat storage (electric charging, thermal discharging) is proposed to increase the flexibility, sector coupling and manageability of renewable generation systems. The hybrid thermal energy storage (TES) system integrating phase change materials (PCM) is designed based on flat pillow plates in combination with heating rods. The prototype is validated by means of experimental testing to characterize its electrical and thermal. In this sense, a parametric analysis is proposed involving different charging and discharging control strategies. The proposed hybrid-TES provides a total storage capacity of 4.87 kWh integrating nitrate salts as PCM (eutectic mixture of KNO3 and NaNO3). Depending on the charging/discharging strategy, the charging efficiency is 65-90% and the discharging period could be reduced by more than 1h. Active control of the heating rod temperature reduces the charging period by half, enabling a high flexibility of the storage system. This reveals the PCM-TES potential to contribute in decision-making for an optimal energy management in the renewable energy and industry context

Oriented event shapes at (NLL)-L-3 + O(alpha(2)(S))

We analyze oriented event-shapes in the context of Soft-Collinear Effective Theory (SCET) and in fixed-order perturbation theory. Oriented event-shapes are distributions of event-shape variables which are differential on the angle theta(T) that the thrust axis forms with the electron-positron beam. We show that at any order in perturbation theory and for any event shape, only two angular structures can appear: F-0 = 3/8 (1+cos(2) theta(T)) and F-1 = (1 ¿ 3 cos(2) theta(T)). When integrating over theta(T) to recover the more familiar event-shape distributions, only F-0 survives. The validity of our proof goes beyond perturbation theory, and hence only these two structures are present at the hadron level. The proof also carries over massive particles. Using SCET techniques we show that singular terms can only arise in the F-0 term. Since only the hard function is sensitive to the orientation of the thrust axis, this statement applies also for recoil-sensitive variables such as Jet Broadening. We show how to carry out resummation of the singular terms at (NLL)-L-3 for Thrust, Heavy-Jet Mass, the sum of the Hemisphere Masses and C-parameter by using existing computations in SCET. We also compute the fixed-order distributions for these event-shapes at O(alpha(S)) analytically and at O(alpha(2)(S)) with the program Event2