FJP: Entre los aportantes y la inversión real

Este artículo intenta responder a tres preguntas: ¿fueron las administradoras buenas agentes de los aportantes? ¿cuánto es realmente la proporción invertida en el sector público? ¿cómo incentivar la financiación de la inversión real? Durante el período septiembre 1994 a julio de 2001 la performance de los FJP corregida por efectos contables superó a los índices testigo de las inversiones locales. A agosto de 2001 el 66% de los FJP se concentraba en deuda del sector público, y solo un 14% en títulos del sector privado doméstico no financiero. Esto no puede ser explicado solo por los compromisos asumidos en el "blindaje", y se atribuye a incentivos regulatorios. El devengamiento de una rentabilidad contable sin volatilidad de títulos públicos en cuenta de inversión alentó su tenencia. Dadas las penalizaciones a las administradoras con menor rentabilidad relativa , se desincentivó la tenencia de títulos privados de escasa negociación por su contabilización a precios que no reflejan los cambios de su riesgo sistémico.

On making choices: some thoughts on an ethnographic film screening

See note 1 of the article: "This paper was written by four authors as a multi-vocal collaborative exercise that resulted from our experience as members of the jury of the ethnographic film screening that the Portuguese Anthropological Association (APA) organised in 2016. However, given the conference regulations, which establishes a maximum of three authors per paper, we have collectively decided to provide one name - that of the corresponding author. The de facto authors of this paper are: Humberto Martins ([email protected], UTAD/CETRAD), Ricardo Seiça Salgado ([email protected], CRIA-UMinho), Raquel Schefer ([email protected], Sorbonne Nouvelle – Paris 3) and Sofia Sampaio. We hope that, in the near future, the conference organisation may find a way to fully acknowledge this kind of collaborative work."In this paper we describe, analyse and reflect on our first-hand experiences as members of the jury of the Ethnographic Film Screening of the 6th Meeting of the Portuguese Anthropological Association (APA), which took place in the University of Coimbra, in June 2016 (http://vicongresso.apantropologia.org/mostra-de-filme-etnografico/). To quote from our call for the ethnographic films, our “simple invitation” was to “show through images how ‘Disputed Futures’ [the topic of the general meeting] mean the diversity of presents and pasts; because the world is made on different rhythms, impulses, desires towards the uncertainty and incompleteness of history.” Our criteria for the film selection process was divided into (1) cinematic quality and originality (cinematography, sound, etc.) and (2) the anthropological character of the films. In the end, we selected 21 out of a total number of 101 films received, among short, medium and feature-length formats. The selection proved a difficult process, raising important issues, namely: was this ‘practical’ division between ‘cinematic quality’ and ‘anthropology’ theoretically (and even empirically) sound? Was it able to overcome the separation between content and form? To what extent were our preferences determined by our different professional backgrounds? Is it possible to assess fairly the ‘ethnographicity’ of such a large number of films, originating from a wide range of geographical and even academic contexts? How did the context of the event – a meeting of anthropologists – impact on our viewings and final choices? Lastly, how did the cinema-going conventions and expectations associated with this kind of film exhibition frame constrain the films’ ‘ethnographicity’? Are there any exhibition alternatives?SFRH/BPD/100647/2014.info:eu-repo/semantics/publishedVersio

Material didático para alunos surdos do ensino médio uma experiência de construção interdisciplinar: Didactic material for deaf high school students - an experience of interdisciplinary construction

Apesar da análise do Instituto Mercado Popular (2019) sobre resultados obtidos nas avaliações do Exame Nacional do Ensino Médio (ENEM) entre 2009 e 2018 apresentar uma melhora nos últimos anos, também apresenta discrepâncias entre as diferentes regiões do país e entre pessoas de raças diferentes. Estes dados convidam a uma reflexão sobre a diminuição das desigualdades em relação à educação no Ensino Médio, tendo em vista ainda as recentes políticas de cortes orçamentários neste segmento

Humor in radiological breast cancer screening: a way of improving patient service?

BACKGROUND Breast cancer screening is essential in detecting breast tumors, however, the examination is stressful. In this study we analyzed whether humor enhances patient satisfaction. METHODS In this prospective randomized study 226 patients undergoing routine breast cancer screening at a single center during October 2020 to July 2021 were included. One hundred thirty-two were eligible for the study. Group 1 (66 patients) received an examination with humorous intervention, group 2 (66 patients) had a standard breast examination. In the humor group, the regular business card was replaced by a self-painted, humorous business card, which was handed to the patient at the beginning of the examination. Afterwards, patients were interviewed with a standardized questionnaire. Scores between the two study groups were compared with the Mann-Whitney U test or Fisher's exact test. P-values were adjusted with the Holm's method. Two-sided p-values < 0.05 were considered significant. RESULTS One hundred thirty-two patients, 131 female and 1 male, (mean age 59 ± 10.6 years) remained in the final study cohort. Patients in the humor group remembered the radiologist's name better (85%/30%, P < .001), appreciated the final discussion with the radiologist more (4.67 ± 0.73-5;[5, 5] vs. 4.24 ± 1.1-5;[4, 5], P = .017), felt the radiologist was more empathetic (4.94 ± 0.24-5;[5, 5] vs.4.59 ± 0.64-5;[4, 5], P < .001), and rated him as a humorous doctor (4.91 ± 0.29-5;[5, 5] vs. 2.26 ± 1.43-1;[1, 4], P < .001). Additionally, patients in the humor group tended to experience less anxiety (p = 0.166) and felt the doctor was more competent (p = 0.094). CONCLUSION Humor during routine breast examinations may improve patient-radiologist relationship because the radiologist is considered more empathetic and competent, patients recall the radiologist's name more easily, and value the final discussion more. TRIAL REGISTRATION We have a general approval from our ethics committee because it is a retrospective survey, the patient lists for the doctors were anonymized and it is a qualitative study, since the clinical processes are part of the daily routine examinations and are used independently of the study. The patients have given their consent to this study and survey

Galaxies Going Bananas: Inferring the 3D Geometry of High-Redshift Galaxies with JWST-CEERS

The 3D geometry of high-redshift galaxies remains poorly understood. We build a differentiable Bayesian model and use Hamiltonian Monte Carlo to efficiently and robustly infer the 3D shapes of star-forming galaxies in JWST-CEERS observations with $\log M_*/M_{\odot}=9.0-10.5$ at $z=0.5-8.0$. We reproduce previous results from HST-CANDELS in a fraction of the computing time and constrain the mean ellipticity, triaxiality, size and covariances with samples as small as $\sim50$ galaxies. We find high 3D ellipticities for all mass-redshift bins suggesting oblate (disky) or prolate (elongated) geometries. We break that degeneracy by constraining the mean triaxiality to be $\sim1$ for $\log M_*/M_{\odot}=9.0-9.5$ dwarfs at $z>1$ (favoring the prolate scenario), with significantly lower triaxialities for higher masses and lower redshifts indicating the emergence of disks. The prolate population traces out a ``banana'' in the projected $b/a-\log a$ diagram with an excess of low $b/a$, large $\log a$ galaxies. The dwarf prolate fraction rises from $\sim25\%$ at $z=0.5-1.0$ to $\sim50-80\%$ at $z=3-8$. If these are disks, they cannot be axisymmetric but instead must be unusually oval (triaxial) unlike local circular disks. We simultaneously constrain the 3D size-mass relation and its dependence on 3D geometry. High-probability prolate and oblate candidates show remarkably similar S\'ersic indices ($n\sim1$), non-parametric morphological properties and specific star formation rates. Both tend to be visually classified as disks or irregular but edge-on oblate candidates show more dust attenuation. We discuss selection effects, follow-up prospects and theoretical implications.Comment: Submitted to ApJ, main body is 35 pages of which ~half are full-page figures, comments welcom

Sovereign bond spreads and credit sensitivity

Expectations of risky bond payments are unobservable and recovery rates for sovereigns are hard to estimate because they have no contractual claims to defined assets and samples of defaults are limited. A geometric version of credit spread is used to derive expected payments, dependent on idiosyncratic risk and unrelated to interest rates. The expectations are used to define a measure of price sensitivity to credit risk perceptions, or credit duration, improving the ambiguity of modified yield duration

MobiDeaf Guidelines: an approach to developing social networking applications in mobile devices for the deaf

The easy access to mobile and social networking is changing the way people communicate; however, the deaf person is segregated in some of these media. Although there are many designers working with some recommendations, these are still too general and do not satisfy the complete interaction of the deaf in these environments. In this scenario, the deaf audience is not considered in the creation of these applications either because the developers do not know or because they cannot find direct and accurate information about the needs of this group. Supported by literature and experiments, this paper proposes guidelines for developing applications for social networks on mobile devices specifically focused on the deaf audience. Through action research approach (AR), at first we tried to know the difficulties of the public from the perspectives of interaction with mobile devices applied to social networks, specifically Facebook. This first AR cycle was carried out through tests with users for Communicability Evaluation Method (CEM). Afterwards, one participatory design session (DP) was performed, in which the prototypes produced by the users were analyzed and classified by the Model 3C vision. Based on guidelines and the results of experiments, the MobiDeaf was created with eight guidelines. Mobideaf was evaluated by comparison with the WCAG 2.0 recommendations in two types of tests: (i) with designers who produced prototypes, which were analyzed, inspected and reproduced in a test application, and; (ii) with deaf people who experimented the test application. This project contributes in bringing a set of guidelines that help both the designer and the target audience. Also describes CEM tests and a DP session. Presents a mapping of the features worked by the deaf based on Facebook social network, in the Model 3C. Shows in detail the creation and evaluation of guidelines that can be used to enable better interaction of the deaf with society in general through social networking on mobiles.Não recebi financiamentoO acesso fácil aos dispositivos móveis e redes sociais vem modificando a forma como as pessoas se comunicam, porém, a pessoa surda ainda se vê segregada em muitas dessas mídias. Ainda que muitos trabalhem com algumas recomendações, estas são muito genéricas não satisfazendo de forma plena a interação do surdo nesses ambientes. Diante desse cenário, o público surdo, não é considerado na criação desses aplicativos, seja porque os desenvolvedores de interface não conhecem ou não encontram informações diretas e precisas sobre as necessidades deste grupo. Apoiado em bibliografia e em experimentos realizados, este trabalho propõe diretrizes para desenvolvimento de aplicações para redes sociais em dispositivos móveis especificamente com foco no público surdo. Através da abordagem da pesquisa-ação (AR), em um primeiro momento procurou-se conhecer as dificuldades deste público sob as perspectivas de interação com dispositivos móveis aplicados às redes sociais, mais especificamente o Facebook. Esse primeiro ciclo AR se deu através de testes com os usuários utilizando o Método de Avaliação de Comunicabilidade (MAC). Em segundo momento realizou-se uma sessão de design participativo (DP) onde os protótipos produzidos pelos usuários foram analisados e classificados sob a ótica do Modelo 3C. Com base em diretrizes pertinentes ao estudo e nos resultados dos experimentos, criou-se o MobiDeaf com oito diretrizes. Este foi avaliado por comparação com as recomendações WCAG 2.0 em dois tipos de testes: (i) com designers que produziram protótipos, que foram analisados, inspecionados e reproduzidos em um aplicativo teste e; (ii) junto aos surdos que testaram este aplicativo. Este projeto contribuiu ao trazer um conjunto de diretrizes que ajudam tanto o designer quanto o público alvo. Ainda descreve detalhadamente testes MAC e uma sessão DP. Apresenta um Mapeamento das funcionalidades trabalhadas pelos surdos baseado na rede social Facebook, nos moldes do Modelo 3C. Descreve em detalhes a criação e avaliação das diretrizes que podem ser utilizadas para permitir melhor interação do público surdo com a sociedade em geral através de redes sociais em dispositivos móveis

Common mythos on yield to maturity in bonds or irr in corporate finance

The yield to maturity (YTM) or internal rate of return (IRR) is a metric used in financial analysis to estimate the profitability of potential investments. Almost all finance textbooks state the following conditioning assumptions: (i) that the coupon payments can be reinvested at a rate equal to the yield to maturity, (ii) that the bond is held to maturity. We show that there are two common fallacies about these assumptions, and none of them are necessary to interpret this return measure, and they may have probably arisen as a consequence of a semantic misunderstanding. The calculation of the YTM/IRR is the result of an ex ante mathematical operation focusing on current and future cash flows, regardless of the reinvestment rate, which is different from wealth accumulation. At the end of the paper we provide some numerical examples