The disposition effect among mutual fund participants : a re- examination

Using information on mutual fund trades executed from 1998 to 2017 by 31,513 individual investor clients of a major Portuguese financial institution, we study the relationship between the disposition effect, financial literacy and trading experience. We find that mutual fund investors exhibit strong disposition effect. The tendency to hold losers is partially offset with literacy: not only holding a university degree reduces the propensity to hold on to loser funds but also higher financial knowledge and stronger math skills reduce the disposition effect. Literacy also plays a role in shaping the way experience affects this bias. Evidence of the disposition effect persists after accounting for redemption fees, bad emotions, irrational beliefs, market sentiment and the existence of someone to blame.info:eu-repo/semantics/publishedVersio

Sequential Allocation and Balancing Prognostic Factors in a Psychiatric Clinical Trial

In controlled clinical trials, each of several prognostic factors should be balanced across the trial arms. Traditional restricted randomization may be proved inadequate especially with small sample sizes. In psychiatric disorders such as obsessive compulsive disorder (OCD), small trials prevail. Therefore, procedures to minimize the chance of imbalance between treatment arms are advisable. This paper describes a minimization procedure specifically designed for a clinical trial that evaluates treatment efficacy for OCD patients. Aitchison's compositional distance was used to calculate vectors for each possibility of allocation in a covariate adaptive method. Two different procedures were designed to allocate patients in small blocks or sequentially one-by-one. Partial results of this allocation procedure as well as simulated ones are shown. In the clinical trial for which this procedure was developed, the balancing between treatment arms was achieved successfully. Simulations of results considering different arrival order of patients showed that most of the patients are allocated in a different treatment arm if arrival order is modified. Results show that a random factor is maintained with the random arrival order of patients. This specific procedure allows the use of a large number of prognostic factors for the allocation decision and was proved adequate for a psychiatric trial design

Volumetric intelligence: A framework for the creation of interactive volumetric captured characters

Virtual simulation of human faces and facial movements has challenged media artists and computer scientists since the first realistic 3D renderings of a human face by Fred Parke in 1972. Today, a range of software and techniques are available for modelling virtual characters and their facial behavior in immersive environments, such as computer games or storyworlds. However, applying these techniques often requires large teams with multidisciplinary expertise, extensive amount of manual labor, as well as financial conditions that are not typically available for individual media artists. This thesis work demonstrates how an individual artist may create humanlike virtual characters – specifically their facial behavior – in a relatively fast and automated manner. The method is based on volumetric capturing, or photogrammetry, of a set of facial expressions from a real person using a multi-camera setup, and further applying open source and accessible 3D reconstruction and re-topology techniques and software. Furthermore, the study discusses possibilities of utilizing contemporary game engines and applications for building settings that allow real-time interaction between the user and virtual characters. The thesis documents an innovative framework for the creation of a virtual character captured from a real person, that can be presented and driven in real-time, without the need of a specialized team, high budget or intensive manual labor. This workflow is suitable for research groups, independent teams and individuals seeking for the creation of immersive and real-time experiences and experiments using virtual humanlike characters

Fault detection in structures (wind turbine) through statistical techniques, singular spectrum analysis (SSA) and frequency-based methods

This master thesis aims to demonstrate the effectiveness of a fault detection strategy in the structure of the wind turbine through a new strategy involving singular spectrum analysis (SSA), statistical methods and methods based on frequency. Based on a dynamic model of wind turbine, the time series behavior was obtained in the first instance without presenting any system failure and a second instance of system failure. From these series we can intervene with SSA and with statistical methods (variance, means, covariance, Fisher criteria) to design the fault detection system. The baseline will be designed with 850 healthy samples and a total sampling time of 6.25 seconds. This baseline which will provide us with the components to be compared so that the system can detect various faults that occur (fault types: fixed value, gain factor, offset and dynamics changed) in an efficient way. The results show that a sensor fault system with a high percentage of effectiveness was designed. The greater or lesser effectiveness thereof will depend on the established base line and the components used

3D air-liquid interface culture of Cystic Fibrosis bronchial epithelia, macrophages and P. aeruginosa to assess host-pathogen interaction and drug efficacy

To establish a predictive human infected in vitro system for Cystic fibrosis (CF) lung infection, we set-up a P. aeruginosa-infected model at the air-liquid interface (ALI), constituted by the human cystic fibrosis bronchial epithelial cells (CFBE41o-) in the apical side of a transwell and human macrophages (THP-1) in the basolateral side. Planktonic P. aeruginosa infection of CFBE41o- cells led to an earlier biofilm formation after 6 hours. Macrophages migrated towards the infection side, on the apical compartment already after 3 hours of infection, and were able to internalize the bacteria. Upon tobramycin treatment, the bacterial killing was higher on an abiotic surface (plastic plates) than on cell surface, which suggests an overestimation of the drug efficacy in cell-free assays. Perspectively, this model can be used to further investigate the immune system. Here, we present the characterization of a neutrophil-like cell, HL-60, and its potential to be a platform to use neutrophils as delivery methods of internalized nanoparticle therapy. Aiming for therapy, we assessed the potential of quaternary ammonium surfactant-liposomes to inhibit bacterial adherence. That was the first step to develop a particle to simultaneously inhibit adhesion and provide encapsulation of antibiotic drugs as combination drug delivery

Assessment of neuronal cytotoxicity of JWH-073 and JWH-250

Dissertação de Erasmus Mundus para obtenção do grau de mestre em Técnicas Laboratoriais ForensesSynthetic cannabinoids from marijuana herbal blends like ‘Spice’ and ‘K2’ are drawing the attention of drug of abuse organizations, including the UNODC1, the EMCCDA2 and emergency hospital all over the world. This concern rises from clinical episodes of psychotropic effects that go beyond the regular range of marijuana and THC – namely, panic attacks, psychosis, catatonia, addiction and withdrawal symptoms. Our study addressed two emergent synthetic cannabinoids (napthtoylindoles) denominated JWH-073 and JWH-250 that are currently detected on ‘Spice’-like products, in order to observe their cell toxicity profile on neuronal cells in vitro model (SH-SY5Y). Using 0.2% DMSO as negative control, MTT and LDH results revealed that within concentrations of 1, 5, 10, 25, 37.5 and 50 μM, JWH-250 is identified as ‘toxic’ in a statistically significant manner at higher concentrations. This work did not detect any statistically significant toxicity from JWH-073. This data suggests to extend these studies on new synthetic cannabinoids to neuronal cells with increased concentrations, as well as the application of assays assessing apoptosis (conditions and signalling), neuronal function and activity (as cell membrane potential assay) within differentiated cells as neurons and glia. At the same time, the evaluation of herbal mixtures of more than one cannabinoids and plant types is advisable in order to understand synergic effects.EACEA - European Commissio

Avaliação de métodos baseados em soluções numéricas das equações de Reynolds para a previsão do ruído de jatos turbulentos subsônicos

Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Tecnológico, Programa de Pós-Graduação em Engenharia Mecânica, Florianópolis, 2013.Nesta dissertação são avaliados métodos que utilizam a solução numérica das equações de Reynolds para a previsão do ruído de jatos. As condições de escoamento são caracterizadas por número de Reynolds em torno de 106, números de Mach entre 0.50 e 1.00, jatos isotérmicos e aquecidos, originados por bocais circulares simples e coaxiais com e sem serrilhas. A previsão do ruído de jatos pode ser dividida em duas etapas: o cálculo da intensidade das fontes sonoras e a avaliação dos efeitos de refração sonora. Quatro métodos para cálculo da intensidade das fontes sonoras encontrados na literatura são implementados para fins de comparação, dois baseados na Equação de Lighthill e dois a partir das Equaçõoes Linearizadas de Euler. De forma geral, os resultados dos métodos baseados nas duas formulações apresentam boa concordância com dados experimentais, mas os métodos baseados na Equação de Lighthill possuem uma formulação mais simples e necessitam de um menor número de constantes empíricas. A técnica de traçado de raios é utilizada para avaliar a refração das ondas de pressão acústica emitidas por fontes do tipo monopolo localizadas em diferentes posições do jato. Três aspectos relacionados à refração são estudados em detalhes: (i) a dependência da zona de silêncio com a posição da fonte, (ii) a importância de gradientes de velocidade do som em jatos aquecidos, e (iii) a assimetria originada por bocais serrilhados. Devido à acurácia e ao baixo custo computacional, conclui-se que os métodos estudados são alternativas viáveis para a análise do ruído de jatos.Abstract : In this dissertation methods based on the numerical solution of theReynolds-averaged Navier?Stokes equations are evaluated to predictjet noise. The flow conditions include Reynolds number around 106and Mach number in the 0.50?1.00 range, isothermal or heated fluidstreams, single- and dual-stream circular nozzles with or without chevrons.The prediction of jet noise can be split in two components: theevaluation of the strength of sound sources and the evaluation of thee?ects of sound refraction. Four methods available in the literature areimplemented to evaluate the source strength; two based on the LighthillEquation and two based on the Linearized Euler Equations. It is foundthat both frameworks allow predictions of noise spectra in reasonableagreement with experimental data. However, the methods based onthe Lighthill Equation o?er a more straightforward formulation andneed less empirical constants. A ray tracing method is also adopted tostudy the e?ects of refraction on acoustic pressure waves emitted frommonopole sources in several positions within the jet. Three aspectsof refraction are studied in detail: (i) the dependence of the zone ofsilence regarding the source position, (ii) the significance of sound speedgradients in heated jets, and (iii) the asymmetry created by chevronnozzles. Given the reasonable accuracy and low computational cost ofthe studied methods, the so-called RANS-based methods are considereda viable approach to predict jet noise

Tributacion de las Concesionarias de Infraestructura vial.

65 p.Las Concesionarias nacieron para cubrir el déficit de infraestructura vial que presentaba nuestro país en la década de los noventa, lo cual, entre otras razones, provocaba que Chile perdiera competitividad, respecto de las demás naciones. Una Concesionaria es el negocio jurídico por el cual la administración que puede ser el Estado, cede a una persona facultades de uso privativo de una pertenencia del dominio público o la gestión de un servicio público en un plazo determinado cumpliendo ciertas condiciones. La concesionaria será la institución encargada de la declaración y existencia del proyecto hasta la construcción y explotación de la obra efectuada cumpliendo requisitos administrativos y jurídicos para su construcción, administración y explotación de la obra. Las concesiones en Chile están presentes a nivel de vías transversales, rutas 5 Sur y Norte, Autopistas Urbanas, Infraestructura Pública y de Penitenciaria. La contabilidad de las concesionarias de infraestructura vial está normada a través de los Boletines Técnicos 39 y 67 del Colegio de Contadores de Chile las cuales señalan como gran incógnita el reconocimiento de ingresos que va a ser en diferentes períodos. Dependiendo del método de reconocimiento, ya sea a través del grado de avance o terminado, dependerá de los ingresos y costos que deba reconocer la concesionaria dentro de su contabilidad para dejarlos expresado en sus estados financieros. El impuesto al valor agregado que afecta a las concesionarias se encuentra regulado en el Decreto Ley 825 teniendo como principal consideración que el monto recibido por la Concesionaria de los usuarios que utilizan una obra y que se denomina Peaje, no constituye hecho gravado básico de venta con el IVA por ser una simple cobranza que realiza la Concesionaria en nombre del Ministerio de Obras Públicas, según lo expresado en el Decreto Ley 850. Al aplicar el IVA a los contratos de construcción, tenemos que considerar cual va a ser el sujeto del impuesto ante la entidad fiscalizadora el cual podría ser el Concesionario u otro que se le haya entregado en cesión, el hecho gravado sobre el cual nace la obligación de pagar un impuesto, la base imponible sobre la cual se calcula el IVA junto con el momento en que se aplica el impuesto y, la posterior emisión del documento tributario que respalda la operación efectuada. Además, la Concesionaria tendrá que tener información adecuada que permita aprovechar los créditos fiscales resultados de los desembolsos que realice para las operaciones de su giro. Cabe destacar de que el Crédito Fiscal que se origina por adquisiciones no se verá afectado por el sistema de proporcionalidad, a pesar de que el Peaje se considera un hecho no gravado con el IVA. El impuesto a las rentas que afecta a las Concesionarias o sus cesionarias se encuentra específicamente normado en la ley mediante los artículos 15, 29, 30 y 84 de la Ley de Renta en los cuales señalan que los ingresos de estas empresas, sólo deben ser reconocidos, cuando empiece a explotar la obra, por lo cual generan ingresos, resultado del uso que hagan los usuarios de la carreteras. El reconocimiento de ingresos normado en los Art. 15 y 29 de la L.I.R son la clave para la posterior determinación del estado de resultados y cálculo del impuesto que afecta a las rentas de primera categoría, ya que estas empresas son clasificadas dentro del artículo 20 N° 03 de la ley, con tasa del 17% para el año comercial 2005. La tributación de estas empresas es especial debido a que sus ingresos y costos son reconocidos en un período de tiempo mayor al que fueron desembolsados

Compressão espaço-tempo no romance Kiss of the Fur Queen de Tomson Highway: uma abordagem pós-moderna

O romance de Highway Kiss of the Fur Queen conta-nos a história de dois irmãos Cree e das suas viagens, físicas e espirituais. A inclusão das duas crianças no sistema de ensino das escolas residenciais canadianas tem um impacto profundamente negativo no desenvolvimento da sua identidade e no modo como, a partir desse momento, se relacionam com a comunidade e cultura aborígenes. Se, por um lado, a abordagem pós-moderna de Harvey contribui para entendermos a dupla identidade das personagens, resultante da experiência na escola residencial, a abordagem pós-moderna de Hutcheon da ficção canadiana permite-nos ler este romance com traços autobiográficos à luz de uma das temáticas que reflectem as ambivalências do Canadá: a dualidade nativo/colonial. Highway’s novel Kiss of the Fur Queen tells us the story of two Cree brothers and their journeys, both physical and spiritual. The inclusion of those two children in the educational system of Canadian residential schools has a strong negative impact in the development of their identity and in the way, from that moment on, they interact with the aboriginal community and culture. If, on one side, Harvey’s postmodern approach contributes to the understanding of the double identity of the characters as a result of the experience in the residential school, Hutcheon’s postmodern approach of Canadian fiction enables us to read this novel with autobiographical traits in the light of one of the themes that reflect the ambivalences in Canada: the duality native/colonial

Time-Space compression in the Novel Kiss of the Fur Queen by Tomson Highway: a postmodern approach

O romance de Highway Kiss of the Fur Queen conta-nos a história de dois irmãos Cree e das suas viagens, físicas e espirituais. A inclusão das duas crianças no sistema de ensino das escolas residenciais canadianas tem um impacto profundamente negativo no desenvolvimento da sua identidade e no modo como, a partir desse momento, se relacionam com a comunidade e cultura aborígenes. Se, por um lado, a abordagem pós-moderna de Harvey contribui para entendermos a dupla identidade das personagens, resultante da experiência na escola residencial, a abordagem pós-moderna de Hutcheon da ficção canadiana permite-nos ler este romance com traços autobiográficos à luz de uma das temáticas que reflectem as ambivalências do Canadá: a dualidade nativo/colonial. Highway’s novel Kiss of the Fur Queen tells us the story of two Cree brothers and their journeys, both physical and spiritual. The inclusion of those two children in the educational system of Canadian residential schools has a strong negative impact in the development of their identity and in the way, from that moment on, they interact with the aboriginal community and culture. If, on one side, Harvey’s postmodern approach contributes to the understanding of the double identity of the characters as a result of the experience in the residential school, Hutcheon’s postmodern approach of Canadian fiction enables us to read this novel with autobiographical traits in the light of one of the themes that reflect the ambivalences in Canada: the duality native/colonial