25,624 research outputs found

    Skewness in Financial Returns: Evidence from the Portuguese Stock Market (in English)

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    This paper addresses the issue of symmetry in financial returns. The return distributions of the major stocks traded on the Portuguese market and included in the PSI-20 Index are examined for periods from four to nine years. The results show that the symmetry of the returns is rejected against several alternative distributions. Statistically significant differences between returns below and above the mean are detected, which provides additional evidence of skewness in the return distributions. In addition, as observed in other studies, it is interesting to note that such results are similar to other low-capitalization and low-volume markets, which also exhibit asymmetric return distributions.stock markets, skewness, financial returns

    Temporal coordination of simulated timed trajectories for two vision-guided vehicles

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    We present an attractor based dynamics that autonomously generates temporally discrete movements and temporally coordinated movements for two vehicles, stably adapted to changing online sensory information. Movement termination is entirely sensor driven. We build on a previously proposed solution in which timed trajectories and sequences of movements were generated as attractor solutions of dynamic systems. We present a novel system composed of two coupled dynamical architectures that temporally coordinate the solutions of these dynamical systems. The coupled dynamics enable synchronization of the different components providing an independence relatively to the specification of their individual parameters. We apply this architecture to generate temporally coordinated trajectories for two vision-guided mobile robots in a simulated environment, whose goal is to reach a target in an approximately constant time while navigating within a non-structured environment. The results illustrate the robustness of the proposed decisionmaking mechanism and show that the two vehicles are temporal coordinated: they terminate their movements approximately simultaneously

    Generating timed trajectories for an autonomous vehicle: a non-linear dynamical systems approach

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    The timing of movements and of action sequences is important when particular events must be achieved in timevarying environments, avoiding moving obstacles or coordinating multiple robots. However, timing is dificult when it must be compatible with continuous on-line coupling to lowlevel and often noisy sensory information which is used to initiate and steer action. We extended the Dynamic Approach to Behavior Generation to account for timing constraints. We proposed a solution that uses a dynamical system architecture to autonomously generate timed trajectories and sequences of movements as attractor solutions of dynamic systems. The model consists on a two layer architecture, in which a competitive "neural" dynamics layer controls the qualitative dynamics of a second, "timing" layer. The second layer generates both stable oscillations and stationary states, such that periodic attractors generate timed movement. The frst layer controls the switching between the limit cycle and the fxed points, allowing for discrete movements and movement sequences. This model was integrated with another dynamical system without timing constraints. The complete dynamical architecture was demonstrated on a visionguided mobile robot in real time, whose goal is to reach a target in approximately constant time within a non-structured environment. The obtained results illustrated the stability and flexibility properties of the timing architecture as well as the robustness of the proposed decision-making mechanism.Fundação para a CiĂȘncia e a Tecnologia (FCT

    Searching for clusters in tourism. A quantitative methodological proposal

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    The tourism industry is one of Europe’s leading employers, and for many regions highly dependent on tourists’ spending, innovation is the difference between growth and stagnation. Thus, at a regional level, tourism may function as a driving force of socioeconomic development and thus contribute to the demise of regional disparities. Such lever effect is usually associated to a geographical concentration abusively denominated of clusters. Most of the studies within the tourism industry identify clusters resorting to simplistic analyses of geographic location measures or experts’ opinions. These latter tend to neglect the essence of the cluster concept, namely the inter-linkages among regional actors. In the present paper, we propose a methodology to rigorously identify tourism clusters, stressing the importance of networks and cooperation between agents.Clusters; Tourism; Methodology

    Bridging Science to Economy: The Role of Science and Technologic Parks in Innovation Strategies in “Follower” Regions

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    The concept of Regional Innovation System (RIS) builds upon an integrated perspective of innovation, acknowledging the contribution of knowledge production subsystem, regulatory context and enterprises to a region’s innovative performance. Science and Technology parks can act as a platform to the production of knowledge and its transfer to the economy in the form of spin-offs or simple knowledge spillovers, enhanced by the co-location of R&D university centers and high technology enterprises on site. Although reflecting mainly a science push perspective, they may constitute central nodes in an infrastructural system of competitiveness that articulates other entrepreneurial location sites and bridges Universities to the economy in a more efficient and effective way, being crucial to increasing technology transfer and interchange speed, promoting the technological upgrading of the regional economy. In this paper we discuss the importance of Science and Technology Parks in the building up of a Regional Innovation System, promoting the technological intensification of the economy, a more effective knowledge transfer and sharing and the construction of competitive advantages, with particular importance in follower regions facing structural deficiencies. We oppose to the predominant closed paradigm, which understands science parks’ role in a narrow and “enclavist”, arguing in favor of an open and “integrative” paradigm where the interconnection to other infrastructures and agents boosts the park’s performance and upgrades the regional economies competitiveness infra-structures and innovation capability. We further stress the importance of science parks in signaling capabilities and hence attracting R&D external initiatives, namely, R&D FDI.Science Parks, New technology-based firms, Innovation, Regional Policy
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