A Risk-Adjusted Performance Evaluation Of US And EU Hedge Funds And Associated Equity Markets Over The 2007-2009 Financial Crisis

Hedge funds are considered to be market-neutral due to their unrestricted investment flexibility and more efficient market timing abilities (Ennis & Sebastian, 2003). They may also be considered as suitably unconventional assets for improving portfolio diversification (Lamm, 1999). The evidence from this study confirms the dominance of hedge funds over the CAC 40, DAX, S&P 500 and Dow Jones from 2004 to 2011. Overall, the Sharpe, Sortino, Omega, Jensens alpha, Treynor and Calmar ratios illustrate that US hedge funds outperformed both EU hedge funds and the associated equity markets over this period. Evidence was also found that both US and EU hedge funds were more correlated with the S&P 500 and Dow Jones after the financial crisis of 2007-2009 than before the crisis

Diversity of birds in a fragment of colombian amazonia forest in caquetá

Las aves cumplen un rol importante en los fragmentos de bosques porque contribuyen a la dispersión de semillas y a la conservación del ecosistema amazónico. Así, los estudios en aves son de vital importancia para trazar estrategias de conservación. Se realizó un inventario de aves en seis tipos de hábitats de diferentes grados de transformación del paisaje en la vereda Villa Luz-Puerto Polo, municipio de Cartagena del Chairá-Caquetá. Se realizaron registros visuales en recorridos extensivos, mediante técnicas de captura y registros indirectos en los meses de febrero y marzo de 2005. Se analizó la estructura trófica en cada ambiente. Se registraron 100 especies de aves, las cuales fueron más comunes en potreros. Entre los grupos más diversificados se encontraron los Psittacidae (11 especies). Los resultados demuestran que en la mayoría de hábitats predominan las aves frugívorosemilleras, omnívoras, insectívoras, carnívoras. Las aves prefieren los hábitats abiertos que indica una avifauna generalista, y los parches de bosque representan un refugio importante para la fauna. En el lugar de estudio se confirma la presencia de 25 especies amenazadas, lo cual merece atención para tomar medidas de conservación.In six habitats an inventory of birds of Cartagena del Chairá, Caquetá was carried out by means of indirect recording, capture, and direct observation. Sampling sessions were carried out between February and March 2005. Birds of 100 species were register, which are more common in grassland. The Psittacidae (11 species) were the most diverse group. The analysis of the trophic structure in each habitat showed that in most of habitats the frugivorous-seed, omnivorous, insectivorous, and carnivorous birds, prevails. Birds preferred the open habitats, indicating a generalist birds and the forest patches representing an important refuge for fauna. In the site, it was confirmed the presence of 25 possible threatened species, and because their are subject to the hunt, it makes that the study area deserves consideration for taking conservation measures.na10 página

Psychological and Behavioural Drivers of Short-Term Investment Intentions

Analysing the factors that influence the short-term investment intentions of investors is critical for investment institutions. If investment institutions are informed about these factors they can create a framework to more accurately profile their clients to provide clients with the desired liquidity, maturity dates and desired risk and return expectations. Risk tolerance is one of the elements that has been used over time to profile investors, however, this paper found that other factors should also be included. Therefore, this article aimed to determine what drives investors’ short-term investment intentions following a more sociological and behavioural approach by including investor personality traits, behavioural finance biases and investors’ risk tolerance behaviour. Secondary data was obtained from a private investment firm surveying private investors in South Africa. Male investors were also more likely to invest in the short-term compared to female investors. Several personality traits, risk tolerance and a single behavioural finance bias were found to influence investor intentions to invest in the short-term. It is therefore recommended to portfolio management companies that several sociological and behavioural variables do explain whether investors will be willing to invest in short-term or more long-term investment portfolios

“In this place we have found sisterhood” : perceptions of how participating in a peer-group club intervention benefited South African adolescent girls and young women

publishedVersionPeer reviewe

Origin and diversification of dung beetles in Madagascar

Madagascar has a rich fauna of dung beetles (Scarabaeinae and Aphodiinae) with almost 300 species described to date. Like most other taxa in Madagascar, dung beetles exhibit an exceptionally high level of endemism (96% of the species). Here,we review the current knowledge of the origin and diversification of Malagasy dung beetles. Based on molecular phylogenies, the extant dung beetles originate from eight colonizations, of which four have given rise to extensive radiations. These radiations have occurred in wet forests, while the few extant species in the less successfu lradiations occur in open and semi-open habitats. We discuss the likely mechanisms of speciation and the ecological characteristics of the extant communities, emphasizing the role of adaptation along environmental gradients and allopatric speciation in generating the exceptionally high beta diversity in Malagasy dung beetles. Phylogeographic analyses of selected species reveal complex patterns with evidence for genetic introgression between old taxa. The introduction of cattle to Madagascar 1500 years ago created a new abundant resource, onto which a few species have shifted and thereby been able to greatly expand their geographical ranges.Peer reviewe

Biogéographie de Madagascar = Biogeography of Madagascar

Ce travail présente un résumé de la connaissance actuelle de la composition taxinomique et géographique de l'avifaune résidente de Madagascar et plus particulièrement de l'avifaune forestière. Les schémas de distribution de l'avifaune ne se superposent pas à ceux des communautés botaniques et notamment en matière de description des domaines d'endémisme floristiques de la Région Est de Madagascar. En considérant l'avifaune endémique forestière de Madagascar, la tolérance à la dégradation des forêts est proportionnelle au degré d'endémisme taxinomique, et il apparaît que les 21 espèces appartenant aux deux familles et deux sous-familles endémiques à Madagascar sont certainement les plus sensibles à la dégradation des forêts. L'ensemble des éléments appartenant à ces taxons supérieurs devraient constituer les indicateurs biologiques des milieux forestiers de Madagascar. (Résumé d'auteur

Guía de molinos de gofio canarios : Edición para dispositivos móviles

El presente trabajo final de carrera desarrolla una aplicación real para dispositivos móviles, con sistema operativo Android, que sirve de guía hipermedia de los molinos de gofio de Canarias.This final degree dissertation develops a real Android application for mobile devices that provides an hypermedia guide of the gofio Canary mills.Aquest treball final de carrera desenvolupa una aplicació real per a dispositius mòbils, amb sistema operatiu Android, que serveix de guia hipermèdia dels molins de gofio de Canàries

Davalia : revista del CEP Norte de Tenerife

Se explora la experiencia del IES San Juan de la Rambla en el marco del proyecto Go-Lab Spain y la propuesta metodológica del aprendizaje por indagación: al más puro estilo socrático, se le confronta al alumnado con su propia ignorancia y se le conmina a salir de ella a través de la indagación. El proyecto tiene como objetivo fomentar en los jóvenes participar en asuntos de ciencia, adquirir habilidades de investigación científica y experimentar la cultura de hacer ciencia mediante la experimentación activa y guiada. A través de la realización del proyecto se crean diversos productos web para los que han sido precisos la investigación, el análisis, la evaluación...y el compromiso de todo el profesorado implicado. Es necesaria la creatividad y un espíritu constante de innovación y actualización en el sector informático.ES