DEA investment strategy in the Brazilian stock market

This paper presents a multi-period investment strategy using Data Envelopment Analysis (DEA) in the Brazilian stock market. Results show that the returns based on the DEA strategy were superior to the returns of a Brazilian stock index in most of the 22 quarters analyzed, presenting a significant Jensen's alpha.

Critical Behavior of a Three-State Potts Model on a Voronoi Lattice

We use the single-histogram technique to study the critical behavior of the three-state Potts model on a (random) Voronoi-Delaunay lattice with size ranging from 250 to 8000 sites. We consider the effect of an exponential decay of the interactions with the distance,$J(r)=J_0\exp(-ar)$, with $a>0$, and observe that this system seems to have critical exponents $\gamma$ and $\nu$ which are different from the respective exponents of the three-state Potts model on a regular square lattice. However, the ratio $\gamma/\nu$ remains essentially the same. We find numerical evidences (although not conclusive, due to the small range of system size) that the specific heat on this random system behaves as a power-law for $a=0$ and as a logarithmic divergence for $a=0.5$ and $a=1.0$Comment: 3 pages, 5 figure

A Gemini view of the galaxy cluster RXC J1504-0248: insights on the nature of the central gaseous filaments

We revisit the galaxy cluster RXC J1504-0248, a remarkable example of a structure with a strong cool core in a near redshift ($z = 0.216$). We performed a combined analysis using photometric and spectroscopic data obtained at Gemini South Telescope. We estimated the cluster mass through gravitational lensing, obtaining $M_{200} = 5.3\pm0.4 \times 10^{14}$ $h_{70}^{-1}$ M$_\odot$ within $R_{200} = 1.56 \pm 0.04$ $h^{-1}_{70}$ Mpc, in agreement with a virial mass estimate. This cluster presents a prominent filamentary structure associated to its BCG, located mainly along its major axis and aligned with the X-ray emission. A combined study of three emission line diagnostic diagrams has shown that the filament emission falls in the so-called transition region of these diagrams. Consequently, several ionizing sources should be playing an meaningful role. We have argued that old stars, often invoked to explain LINER emission, should not be the major source of ionization. We have noticed that most of the filamentary emission has line ratios consistent with the shock excitation limits obtained from shock models. We also found that line fluxes are related to gas velocities (here estimated from line widths) by power-laws with slopes in the range expected from shock models. These models also show, however, that only ~10% of H$\alpha$ luminosity can be explained by shocks. We conclude that shocks probably associated to the cooling of the intracluster gas in a filamentary structure may indeed be contributing to the filament nebular emission, but can not be the major source of ionizing photons.Comment: 13 pages, 12 figures - Accepted for publication in MNRAS in 2018 March 0

The cluster of galaxies Abell 376

We present a dynamical analysis of the galaxy cluster Abell 376 based on a set of 73 velocities, most of them measured at Pic du Midi and Haute-Provence observatories and completed with data from the literature. Data on individual galaxies are presented and the accuracy of the determined velocities is discussed as well as some properties of the cluster. We obtained an improved mean redshift value z=0.0478^{+0.005}_{-0.006} and velocity dispersion sigma=852^{+120}_{-76}km/s. Our analysis indicates that inside a radius of 900h_{70}^{-1}kpc (15 arcmin) the cluster is well relaxed without any remarkable feature and the X-ray emission traces fairly well the galaxy distribution. A possible substructure is seen at 20 arcmin from the centre towards the Southwest direction, but is not confirmed by the velocity field. This SW clump is, however, kinematically bound to the main structure of Abell 376. A dense condensation of galaxies is detected at 46 arcmin (projected distance 2.6h_{70}^{-1}Mpc) from the centre towards the Northwest and analysis of the apparent luminosity distribution of its galaxies suggests that this clump is part of the large scale structure of Abell 376. X-ray spectroscopic analysis of ASCA data resulted in a temperature kT = 4.3+/-0.4 keV and metal abundance Z = 0.32+/-0.08 Z_solar. The velocity dispersion corresponding to this temperature using the T_X-sigma scaling relation is in agreement with the measured galaxies velocities.Comment: 11 pages, 10 figures, accepted for publication in A&