Are US-Dollar-Hedged-ETF Investors Aggressive on Exchange Rates? A Panel VAR Approach

Exchange traded funds (ETFs) are a multi-trillion dollar market that epitomizes financialization due to its recent growth. This study examines the behavior of U.S. listed currency hedged ETF investors towards changes in the underlying benchmark and foreign exchange rate from July 2011 to November 2015 using a panel VAR approach. We find that investors are able to anticipate changes in future exchange rates and invest in currency hedged ETFs prior to changes. Granger-causality tests confirm that these investors proactively trade before large real exchange rate movements. These results suggest that the use of financial instruments such as ETFs to hedge against exchange rate volatility may have itself become a source of volatility, which have implications for the further financialization of the ETF industry

Study of the Distillability of Werner States Using Entanglement Witnesses and Robust Semidefinite Programs

We use Robust Semidefinite Programs and Entanglement Witnesses to study the distillability of Werner states. We perform exact numerical calculations which show 2-undistillability in a region of the state space which was previously conjectured to be undistillable. We also introduce bases which yield interesting expressions for the {\em distillability witnesses} and for a tensor product of Werner states with arbitrary number of copies.Comment: 16 pages, 2 figure

Was the GLE on May 17, 2012 linked with the M5.1-class flare the first in the 24th solar cycle?

On May 17, 2012 an M5.1-class flare exploded from the sun. An O-type coronal mass ejection (CME) was also associated with this flare. There was an instant increase in proton flux with peak at $\geq 100$ MeV, leading to S2 solar radiation storm level. In about 20 minutes after the X-ray emission, the solar particles reached the Earth.It was the source of the first (since December 2006) ground level enhancement (GLE) of the current solar cycle 24. The GLE was detected by neutron monitors (NM) and other ground based detectors. Here we present an observation by the Tupi muon telescopes (Niteroi, Brazil, $22^{0}.9 S$, $43^{0}.2 W$, 3 m above sea level) of the enhancement of muons at ground level associated with this M5.1-class solar flare. The Tupi telescopes registered a muon excess over background $\sim 20\%$ in the 5-min binning time profile. The Tupi signal is studied in correlation with data obtained by space-borne detectors (GOES, ACE), ground based neutron monitors (Oulu) and air shower detectors (the IceTop surface component of the IceCube neutrino observatory). We also report the observation of the muon signal possibly associated with the CME/sheath striking the Earth magnetosphere on May 20, 2012. We show that the observed temporal correlation of the muon excess observed by the Tupi muon telescopes with solar transient events suggests a real physical connection between them. Our observation indicates that combination of two factors, the low energy threshold of the Tupi muon telescopes and the location of the Tupi experiment in the South Atlantic Anomaly region, can be favorable in the study and detection of the solar transient events. Our experiment provides new data complementary to other techniques (space and ground based) in the study of solar physics.Comment: 9 pages, 10 figure

Estudo de dois museus de ciências brasileiros problematizados a partir da perspectiva CTS e paradigma da complexidade

No Brasil os Museus de Ciências surgem com uma forte relação com a escola. Com efeito, tanto a organização de materiais para as suas exposições, como a atuação educacional junto à comunidade de professores, assumem um caráter didático pedagógico voltado para os estudantes da educação básica, que representam o grande público visitante dessas instituições. Consequentemente, a organização das exposições apresentam experiências clássicas de ciências, muito semelhantes às encontradas em livros didáticos e as utilizadas em salas de aula. Propomos problematizar, a partir da perspectiva CTS e do Paradigma da Complexidade, as características presentes nos aparelhos, artefatos e exposições de dois Museus de Ciências procurando evidenciar até que ponto esses espaços têm contribuído para a compreensão da população da ciência como cultura