Geographical versus Industrial Diversification: A Mean Variance Spanning Approach

This paper addresses whether country allocation provides benefits over industry allocation in a sample of European country and industry indexes. Strategy performance is compared using a mean-variance spanning test. We find that, for investors with low risk aversion, industry allocation is as good as investing in the complete set of assets. Moreover, in the most recent subperiod coinciding with the inception of the Euro, country and industry diversification are both effective. By contrast, investors with high risk aversion should always mix country and industry portfolios. A striking aspect of our analysis is that we do not find empirical evidence to support the argument that country diversification is a superior approach.Diversification gains, EMU, mean-variance spanning, portfolio allocation strategies

Geographic versus industry diversification: constraints matter

This research addresses whether geographic diversification provides benefits over industry diversification. In the absence of constraints, no empirical evidence is found to support the argument that country diversification is superior. With short-selling constraints, however, the geographic tangency portfolio is not attainable by industry portfolios. Results with upper and lower constraints on portfolio weights as well as an out-of-sample analysis show that geographic diversification almost consistently outperforms industry portfolios, although we cannot establish statistical significance. JEL Classification: G11, G15block-bootstrap tests, Diversification gains, EMU, geographic diversification, industry diversification

Reading literature today: a study of E. M. Forster s and George Orwell s fiction

Tese de doutoramento em Estudos de Cultura (Cultura Inglesa), apresentada à Universidade de Lisboa através da Faculdade de Letras, 200

CORRELATIONS BETWEEN OIL AND STOCK MARKETS: A WAVELET-BASED APPROACH

In a global economy, shocks occurring in one market can spill over to other markets. This paper investigates the impact of oil shocks and stock markets crashes on correlations between stock and oil markets. We test changes in correlations at different scales with non-overlapping confidence intervals based on estimated wavelet correlations. Contrary to other approaches, this method does not need adjustment for heteroskedasticity biases on the correlation coefficients. Our results show that oil shocks affect the correlation between both markets. The evidence on the change of correlation between stock markets after an oil shock is weaker; except in some specific cases during the Kuwait war and the OPEC cutback period. Conversely, we only find weak evidence that stock market crashes change the correlation between oil and stock markets. Overall, the evidence gives support to including oil as an asset class in asset allocation strategies.he authors acknowledge financial support from Financial Research Center–UNIDE and from the Spanish Ministry of Education and Science, research projects MTM2010-17323, ECO2011-25706, ECO2012-32401 and MTM2012-36163-C06-03

Stock Exchange Competition in a Simple Model of Capital Market Equilibrium

This paper uses a simple model of mean-variance asset pricing with transaction costs to analyze one of the main empirical phenomena in stock market competition in the last years, the decrease of transaction costs. We endogenize transaction costs as variables strategically influenced by stock exchanges and model stock market integration as an increase in the correlation of the underlying stock market returns. Among other things, we find that market integration leads to a decrease of transaction costs and to an increase in long-term trading activity.Stock Exchange Competition; Capital Markets Equilibrium; Transaction Costs

Entrepreneurial Marketing: A Historical Exploration and Implications for Practice

In an increasingly turbulent market, marketers are having difficulty predicting consumer demands, and academics are finding that traditional marketing theory is no longer highly effective in making educated marketing decisions. With the growth of Entrepreneurial Marketing (EM) research over the past several decades, researchers have found these practices to be effective not only for SME’s but also for larger firms. Because of this, researchers are offering Entrepreneurial Marketing theory as a solution for all firms seeking a competitive advantage in a volatile market. Entrepreneurial Marketing, which is the innovative, opportunity seeking approach most entrepreneurs and small and medium enterprises (SMEs) utilize when marketing their businesses, is characterized by innovative value creation, and external focus and a willingness to take risks. The majority of the research conducted has used primarily qualitative methods to uncover typical entrepreneurial practices. This study found that while sufficient research has been conducted on the history and defining characteristics of EM, the literature lacks practical implementation strategies for firms wishing to apply these practices. This paper presents a review of the current literature on EM, highlights the history and defining characteristics, and then offers a model that firms, both small and large, can utilize to implement EM. The model offered in this research applies the defining characteristics of EM––opportunity creation, innovation, personal networking, and resource leveraging––to each element of the Four P Model. This model requires an innovative management strategy and a keen external focus on the market. Based on the existing literature, this paper concludes that applying these principles to either SMEs or to larger firms should significantly proliferate the success of a firm, increase competition among firms, and better meet the needs of the market through nichemanship

Dependência funcional, morbilidade psicológica, sintomatologia traumática, coping e satisfação com a vida em amputados do membro inferior

Dissertação de mestrado integrado em Psicologia (área de especialização de Psicologia da Saúde)Este estudo teve como finalidade estudar a morbilidade psicológica, a sintomatologia traumática, a dependência funcional, o coping e a satisfação com a vida em pacientes amputados de um membro inferior. A amostra do estudo foi constituída por 52 pacientes com amputação do membro inferior. 78.8% dos pacientes do estudo eram do sexo masculino. A média de idades foi 63 anos (DP= 16.8). Os instrumentos utilizados foram: Questionário Sociodemográfico; Índice de Barthel (IB), Versão Portuguesa de Sequeira (2007); Hospital Anxiety and Depression Scale (HADS), Versão Portuguesa de McIntyre, Pereira, Soares, Gouveia e Silva (1999); Revised Impact of Events Scale (IES-R), Versão Portuguesa de Pereira e Figueiredo (2008); Brief COPE Scale, Versão Portuguesa de Ribeiro e Rodrigues (2003); Satisfaction With Life Scale (SWLS), Versão Portuguesa de Portuguesa de Netos, Barros e Barros (1990). Os resultados obtidos no presente estudo revelaram que os pacientes com mais satisfação com a vida apresentavam menor dependência funcional, menor morbilidade psicológica e, em termos de estratégias de coping, maior utilização da aceitação, reinterpretação positiva e coping ativo e menor uso da negação. Verificou-se que os pacientes com amputação abaixo do joelho apresentavam mais satisfação com a vida e os pacientes amputados acima do joelho apresentavam mais morbilidade psicológica. Também se constatou que os pacientes amputados com capacidade para marcha evidenciaram menor dependência funcional e, em termos de coping, maior uso da aceitação em comparação com os pacientes sem capacidade para marcha. Pacientes amputados que usam uma prótese apresentaram menor dependência funcional e maior uso de estratégias de coping de aceitação, humor, coping ativo e de planear. Ao nível das causas da amputação, verificou-se que os pacientes amputados devido a causas traumáticas apresentavam menor dependência e maior uso da autodistração como estratégia de coping. Relativamente à dor, constatou-se que os pacientes com dor utilizavam mais estratégias de coping passivas, como o uso da autodistração e uso de substâncias em comparação com os pacientes sem dor. Os resultados do presente estudo enfatizam a importância da intervenção psicológica na reabilitação do paciente com amputação do membro inferior no sentido de promoverem estratégias de coping mais adaptativas e diminuição da morbilidade psicológica, de forma a aumentar o ajustamento psicológico à amputação.The aim of this article was to study psychological morbidity, traumatic symptoms, functional dependence, coping and life satisfaction in lower limb amputees. The study sample consisted of 52 patients with lower limb amputation. 78.8% of study patients were male. The mean age was 63 (SD=16.8). The instruments used were: Sociodemographic Questionnaire, Barthel Index (BI) Portuguese Version of Sequeira (2007); Hospital Anxiety and Depression Scale (HADS), Portuguese Version of McIntyre, Pereira, Soares, Gouveia and Silva (1999); Revised Impact of Events Scale (IES-R), Portuguese Version of Pereira and Figueiredo (2008); Brief COPE Scale, Portuguese Version of Ribeiro and Rodrigues (2003); Satisfaction With Life Scale (SWLS), Portuguese Version of Netos, Barros and Barros (1990). The results showed that patients with lower limb amputation with more life satisfaction had a lower functional dependence, psychological morbidity and, in terms of coping, an increased use of acceptance, positive reinterpretation, and active coping as well as less use of denial. It was found that patients with amputation below the knee reported more life satisfaction and above-knee amputees had more psychological morbidity. It was also found that amputees who maintained the ability to walk showed less functional dependence, and in terms of coping, a greater use of acceptance compared with patients unable to walk. Also, amputees with a prosthesis showed less functional dependence and greater use of coping strategies such as acceptance, humor, active coping and planning. In terms of the causes of amputation, amputees due to traumatic causes were less dependent and showed a greater use of self-distraction as a coping strategy. Also, patients with pain used passive coping strategies, such as the use of self-distraction and substance use compared to pain free patients. The results of this study emphasize the importance of psychological intervention in the rehabilitation of patients with lower limb amputation, that promote more adaptive coping strategies and decreased psychological morbidity in order to increase psychological adjustment to amputation

Deteção no solo de alimentos pelas térmitas subterrâneas Reticulitermes Grassei (Clément, 1978)

As térmitas subterrâneas estão entre os insetos mais abundantes, sendo também ecológica e economicamente importantes. No entanto, muitas dúvidas continuam a existir sobre a forma como se movimentam no solo e como procuram os recursos alimentares. Alguns componentes químicos libertados pela madeira em diferentes estados de decomposição podem funcionar como indicadores da existência de alimento disponível. Este estudo realizou-se com o objetivo de testar as preferências alimentares das térmitas Reticulitermes grassei por madeira degradada por fungos de podridão branca e castanha e por produtos produzidos durante a degradação. Teve ainda como objetivo testar a possibilidade de as térmitas utilizarem as substâncias libertadas pela madeira para encontrarem alimento no solo. As térmitas foram atraídas pela madeira degradada, dependendo esta atração do nível de degradação do alimento, tendo sido também atraídas por alguns dos produtos da degradação testados como a sacarose. As térmitas demonstraram ainda uma provável utilização dos elementos libertados pela madeira degradada para se guiarem no solo para detetar o alimento; *** Abstract: Subterranean termites are among the most abundant insects and are ecologically and economically important. However, many questions exist about the way they move in the soil and how they find food resources. Some chemicals released by wood in different decay levels may function as cues for the presence of food resources. The main objective of this study was to test food preferences of subterranean termites Reticulitermes grassei for white and brown rot degraded wood and by degradation substances. Another objetive was to test if termites could use substances leached by wood to find food on the soil. Termites were attracted by decayed wood, this attraction was dependet on the decay level and they have also been attracted by some of the degradation products tested, like sucrose. Termites seem to be able to use the substances released by decayed wood to guide them in the ground and to detect food

How to increase the number of portuguese clients in the martinhal luxury family hotels & resorts?

MartinhalFamily Hotels and Resort’smain focus is to provide anexperience of luxury family vacations. Although all hotels are locatedin Portugal, Portuguese guests accountonlyfor 5% of the occupancy. The aim of this project is to understand why the percentage of Portuguese clients is so low and which strategyshouldMartinhal developin order to attract more Portuguese families.The following methodology was used: analysis of reviewsfrom TripAdvisor generated byPortugueseparents;Martinhal’s collaborators semi-structured interviews; semi-structuredinterviewsand questionnairestoPortuguese parentswith children up to 16 years;and a two-weeks field observation period.We found that the current value propositionis not in accordance with the Portuguese parent’s behavior during vacations.Most Portuguese parents work several hoursa week, tend to be protective and to feel guilty forleavingtheir children at the careof others.Such behaviors and feeling sultimately influence their usage of hotel services: they tend not touse baby sitting andKids Club, which is one of the central offers of Martinhal. Considering this gapbetween Martinhal’s offerand Portuguese parents’behavior,we propose the creation of a distinctive value propositio nasa main recommendatio