Central bank independence and stock market returns

Mestrado em FinançasA independência dos bancos centrais é considerada tanto pela literatura como pelos decisores políticos como essencial para atingir estabilidade nos níveis de inflação estável e bem estar económico a longo prazo nas economias modernas. Geralmente, é uma teoria suportada pela ideia de que a independência dos bancos centrais permite atingir essa estabilidade sem prejudicar outras variáveis da economia. Até agora, e salvo raras exceções, os estudos feitos pela literatura sobre a relação da independência dos bancos centrais e as variáveis macroeconómicas têm negligenciado os retornos agregados dos mercados financeiros. Usando um conjunto de 21 países desenvolvidos, calculamos os respetivos retornos dos índices financeiros utilizando os índices MSCI, cotados em dólares americanos, e testamos se é possível encontrar algum impacto causado pelos vários níveis de independência dos bancos centrais. A nossa análise abrange um período de 20 anos e os resultados levam-nos a concluir que a hipótese de "free lunch" que acompanha os defensores da independência dos bancos centrais não é rejeitada quando estudamos o seu impacto nos retornos dos mercados financeiros.Central bank independence is regarded by both literature and policymakers as essential for achieving stability in inflation and long term welfare in modern economies, and it is usually supported by the idea that it accomplishes such stability without harming other variables in the economy. Until very recently, the literature studies of its effect on several macroeconomic variables have neglected the analysis of stock market returns. Using a set of 21 developed countries, we calculate the respective yearly stock returns using the MSCI indices, quoted in US Dollars, and test if it is possible to trace an impact caused by the levels of independence of the countries' central banks. Our analysis spans for a period of 20 years and the results lead us to conclude that the free lunch hypothesis behind central bank independence cannot be rejected when its impact is studied on stock market returns

Efeitos da exposição repetida subliminar a estímulos biologicamente relevantes nos estados emocionais

Existem determinados estímulos, como é o caso das cobras, que devido à sua pertinência evolutiva são analisados pré-atencionalmente. Esta relevância traduz-se numa captação atencional mais rápida acompanhada de respostas psicofisiológicas intensas. Contudo, apesar do extenso corpo de literatura reforçar o peso evolutivo deste tipo de estímulos, estudos recentes apontam para resultados incongruentes. Com o objetivo de contribuir para o conhecimento científico neste domínio, a presente tese reúne um conjunto de três estudos empíricos. Os três estudos dão enfoque ao processamento subliminar de estímulos biologicamente relevantes e aos seus efeitos na orientação da atenção e nas respostas psicofisiológicas periféricas e centrais. Baseados em tarefas de atenção visual, os resultados destes estudos suportam a hipótese de que as cobras, quando apresentadas subliminarmente, têm efeitos no orientação atencional (Estudo I), no sistema nervoso periférico (Estudo II), e no sistema nervoso central (Estudo III). De uma forma geral, os resultados suportam a ideia de que imagens de animais ameaçadores tendem a provocar uma resposta diferenciada na atenção e ativação psicofisiológica, mesmo quando apresentados subliminarmente. Os resultados são discutidos à luz de uma perspetiva bioevolutiva, contudo integrativa, recorrendo igualmente a evidências de estudos recentes.Recurrent predatory situations and rival attacks through the evolutionary process may have tagged these situations as “danger to survival”, triggering an emotional fear response. According to this perspective, there are certain stimuli (e.g. snakes) which are pre-attentively processed due to their evolutionary relevance. This is reflected by an enhanced attentional grabbing and more intense psychophysiological responses in comparison to non-relevant stimuli, triggered by the defense system, in order to prepare the organism for action. However, despite the large body of literature supporting the relevance of these types of stimuli, recent studies have shown inconsistent results. Aiming at contributing to the scientific knowledge in this domain, the current thesis brings together a set of three empirical studies. The three experimental following studies focused on the effects of emotional subliminal processing on attentional orienting and on peripheral and central psychophysiological responses. Based on visual attention tasks, the results of these studies support the hypothesis that biologically fear-relevant stimuli subliminally presented have an impact on attentional orienting (Study I), on the peripheral nervous system (Study II), and on the central nervous system (Study III). In general, the results support the idea that the images of threatening animals, tend to provoke a differentiated response in terms of attention and arousal. The results are discussed in light of a bio-evolutionary perspective, yet, in an integrative fashion, by new evidences from recent studies

Attentional orienting to biologically fear-relevant stimuli: data from eye tracking using the continual alternation flicker paradigm

Journal of Eye Tracking, Visual Cognition and EmotionSnakes are thought as fear-relevant stimuli (biologically prepared to be associated with fear) which can lead to an enhanced attentional capture when compared fear-irrelevant stimuli. Inherent limitations related to the key-press behaviour might be bypassed with the measurement of eye movements, since they are more closely related to attentional processes than reaction times. An eye tracking technique was combined with the flicker paradigm in two studies. A sample of university students was gathered. In both studies, an instruction to detect changes between the pair of scenes was given. Attentional orienting for the changing element in the scene was analyzed, as well the role of fear of snakes as a moderator variable. The results for both studies revealed a significant shorter time to first fixation for snake stimuli when compared to control stimuli. A facilitating effect of fear of snakes was also found for snakes, presenting the highly fear participants a shorter a time to first fixation for snake stimuli when compared to low-feared participants. The results are in line with current research that supports the advantage of snakes to grab attention due their evo-biological significance

An electro-rheological study of the nematic liquid crystal 4-n-heptyl-4'-cyanobiphenyl

An experimental and theoretical study of the electro-rheological effects observed in the nematic phase of 4-n-heptyl-4'-cyanobiphenyl has been conducted. This liquid crystal appears to be a model system, in which the observed rheological behaviour can be interpreted by the Leslie-Ericksen continuum theory for low molecular weight liquid crystals. Flow curves are illustrated at different temperatures and under the influence of an external electric field ranging from 0 to 3 kV mm-1, applied perpendicular to the direction of flow. Also presented is the apparent viscosity as a function of temperature, over similar values of electric field, obtained at different shear rates. A master flow curve has been constructed for each temperature by dividing the shear rate by the square of the electric field and multiplying by the square of a reference value of electric field. In a log-log plot, two Newtonian plateaux are found to appear at low and high shear rates, connected by a shear-thinning region. We have applied the Leslie-Ericksen continuum theory, in which the director alignment angle is a function of the electric field and the flow field boundary conditions are neglected, to determine viscoelastic parameters and the dielectric anisotropy

Hemispheric asymmetries in recognition memory for negative and neutral words

Journal of Eye Tracking, Visual Cognition and EmotionFedermeier and Benjamin (2005) have suggested that semantic encoding for verbal information in the right hemisphere can be more effective when memory demands are higher. However, other studies (Kanske & Kotz, 2007) also suggest that visual word recognition differ in function of emotional valence. In this context, the present study was designed to evaluate the effects of retention level upon recognition memory processes for negative and neutral words. Sample consisted of 15 right-handed undergraduate portuguese students with normal or corrected to normal vision. Portuguese concrete negative and neutral words were selected in accordance to known linguistic capabilities of the right hemisphere. The participants were submitted to a visual half-field word presentation using a continuous recognition memory paradigm. Eye movements were continuously monitored with a Tobii T60 eye-tracker that showed no significant differences in fixations to negative and neutral words. Reaction times in word recognition suggest an overall advantage of negative words in comparison to the neutral words. Further analysis showed faster responses for negative words than for neutral words when were recognised at longer retention intervals for left-hemisphere encoding. Electrophysiological data through event related potentials revealed larger P2 amplitude over centro-posterior electrode sites for words studied in the left hemifield suggesting a priming effect for right-hemisphere encoding. Overall data suggest different hemispheric memory strategies for the semantic encoding of negative and neutral words

Mycobacterium caprae: a disregarded zoonotic agent of human tuberculosis

A Organização Mundial de Saúde define tuberculose zoonótica como a forma de tuberculose no Homem causada predominantemente por M. bovis, um membro do Complexo Mycobacterium tuberculosis. Contudo, outros membros daquele complexo, como M. caprae, apresentam tam- bém potencial zoonótico. Este trabalho incide sobre a tuberculose zoonótica por infeção Mycobacterium caprae na Europa e em Portugal, entre 2017 e 2023, com base em revisão preliminar da literatura. Embora a in- cidência global daquela infeção seja baixa, em certos países europeus, como Alemanha, Áustria, Espanha e França, apresenta maior relevância. Em Portugal, estão identificados casos em bovinos e caprinos. Contudo, ao contrário dos bovinos, os caprinos apenas são testados quando em coabitação com bovinos infetados, pelo que apenas nesta situação, ou após achado de lesões suspeitas na inspeção sanitária ao abate, esta in- feção naquela espécie é diagnosticada. No setor da saúde pública, após obtenção de resultado positivo para o Complexo Mycobacterium tuber- culosis, a identificação ao nível de espécie é feita apenas em situações particulares, pelo que poderá existir uma situação de subdiagnóstico. A propagação da doença ocorre na interface Homem-Animal-Ambien- te, envolvendo fatores como contaminação ambiental, circulação de M. caprae em pequenos ruminantes e espécies selvagens, e vias de trans- missão para os humanos, nomeadamente o consumo de produtos con- taminados e a exposição direta a animais infetados. Enfatiza-se assim a necessidade de uma abordagem One Health para monitorizar e pre- venir eficazmente a tuberculose zoonótica, sugerindo-se a criação de um grupo de trabalho One Health, o desenvolvimento de políticas de prevenção e vigilância intersetoriais, a análise genómica sistemática dos casos de tuberculose humana e de animais epidemiologicamen- te relacionados, e a sensibilização das populações com maior risco.The World Health Organization defines zoonotic tuberculosis as a form of tuberculosis in humans caused predominantly by M. bovis, a member of the Mycobacterium tuberculosis Complex. However, other members of the complex, such as M. caprae, also have zoonotic potential. This work focuses on zoonotic tuberculosis caused by Mycobacterium caprae infection in Europe and Portugal, between 2017 and 2023, based on a preliminary literature review. Although a low global incidence of that infection, in certain European countries, such as Germany, Austria, Spain and France, it is more relevant. In Portugal, cases were identified in cattle and goats. However, unlike cattle, goats are only tested when in cohabitation with infected cattle, so only in this situation, or after finding suspected lesions in the health inspection at slaughter, this infection in that species is diagnosed. In the Public Health sector, after obtaining a positive result for the Mycobacterium tuberculosis Complex, the identification to the species level is done only in particular situations, meaning that there may be a situation of underdiagnosis. The spread of this zoonoses occurs at the Human-Animal-Environment in- terface, involving factors such as environmental contamination, circulation of M. caprae in small ruminants and wild species, and transmission routes to humans, including consumption of contaminated products and direct exposure to infected animals. All these factors highlight the importance of a One Health approach to effectively monitor and prevent zoonotic tuber- culosis, with the creation of a One Health working group, the development of intersectoral prevention and surveillance policies, a systematic genomic analysis of epidemiologically related human and animal tuberculosis cases, and raising awareness of occupational risk in high-risk groups.info:eu-repo/semantics/publishedVersio

Difficulties in caring for the older adults: perspective of Brazilian and Portuguese caregivers

This study aims to understand the difficulties in caring for the older adults with functional dependence from the perspective of Brazilian and Portuguese caregivers. This is a study based on the Theory of Social Representations, based on the Thematic Content Analysis proposed by Bardin, carried out with 21 informal caregivers of older adults in Brazil and 11 informal caregivers of older adults in Portugal. The instrument consisted of a questionnaire with sociodemographic data and data on health conditions along with an open interview with guiding questions on the theme of care. Data were analyzed using the Content Analysis technique proposed by Bardin, with the help of the QRS NVivo® Version 11 software (QSR International, Burlington, MA, USA). Three categories emerged from the speeches: “Caregiver burden”, “Caregiver support network” and “Older adults resistance”. The main difficulties mentioned by caregivers were associated with family articulation in meeting the needs of their older adults, whether due to the excessive demand of tasks, which results in overloading the caregiver, or the behaviors of the older adults themselves, or even the availability of a truly supportive and effective network.info:eu-repo/semantics/publishedVersio

Grabbing attention while reading website pages: the influence of verbal emotional cues in advertising

The increasing use of the World Wide Web has promised a huge advertising platform for marketers. Investment in online advertising is growing and is expected to overcome traditional media. However, recent studies have reported that users avoid looking at advertising displayed on the World Wide Web. This study aimed at examining the impact of verbal emotional cues (negative/neutral/positive) to capture attention on website’s advertising areas through an eye tracker system. The results revealed significant statistical differences between fixations to negative, positive words and neutral words. Significant differences between the number of fixations and recognition of the target words were found only for the negative valence words. We conclude that negative emotional words could play a major role on user attention to advertising

Estudo de uma população de coelhos selvagens (Oryctolagus cuniculus L.) na ilha de São Jorge, Açores.

VII Expedição Científica do Departamento de Biologia - São Jorge e Topo - 1992.Na "Expedição Científica" realizada pelo Departamento de Biologia da Universidade dos Açores à Ilha de São Jorge (27/6 a 4/7/92) tivemos como objectivos efectuar a colheita de uma população de coelhos selvagens (Oryctolagus cuniculus) para a obtenção de diversos parâmetros que nos permitissem efectuar diversos estudos tais como: a evolução da dinâmica populacional após a introdução do R.V.H.D. (doença hemorragica): a determinação da idade da população: a análise dos dados anatomo-morfológicos e vários estudos electroforéticos de sangue obtido por punção cardiaca (5 cm3) e de amostras de rim e fígado dos especimens colhidos

Performance factors in the first serve in competitive tennis players

Este estudo analisou os constrangimentos que influenciam o jogo de tênis e os métodos de treinamento mais valorizados e utilizados pelos treinadores. Para o efeito validou-se um questionário em três línguas: português, inglês e espanhol (estudo piloto). Posteriormente foram inquiridos 140 treinadores de competição. Para a análise dos resultados recorreu-se a uma análise fatorial, que resultou na aceitabilidade de duas estruturas fatoriais: constrangimentos na execução do serviço e meios de treino. Os treinadores consideraram a coordenação, a fadiga central, a autoconfiança, a concentração, o controlo emocional e a motivação como fatores muito importantes no rendimento do primeiro serviço de tênis. Conclui-se que a tendência do treinamento de competição é para a precisão, o jogo condicionado, o treinamento das competências psicológicas na quadra e a potência. Os treinadores sobrevalorizam os fatores intrínsecos em preferência aos extrínsecos e o treinamento é pouco direcionado para a variabilidade motora funcional.info:eu-repo/semantics/publishedVersio