In questa tesi, l’analisi verte su risk-adjusted performance, proprietà statistiche e caratteristiche dei fondi hedge (FH). Nel primo articolo, i risultati relativi al survivorship bias e backfill bias indicano che l’impatto delle distorsioni è diverso a seconda delle strategie. Utilizzando il modello multifattoriale di Fung and Hsieh (2004), l’analisi della performance indica che il 42% dei FH ha ottenuto un rendimento superiore al mercato. Infine, utilizzando dei metodi parametrici e non parametrici, l’analisi della persistenza indica differenti livelli di persistenza a seconda della strategia. Nel secondo articolo, vengono analizzati i fondi di fondi hedge (FOHFs). I risultati sono particolarmente interessanti. In primo luogo, i FOHFs e le sotto strategie hanno generato un excess return positivo; inoltre l’alfa ottenuto attraverso il modello a 7 fattori di Fung and Hsieh (2004) risulta elevato. In secondo luogo, i FOHFs e le sotto strategie hanno un rendimento inferiore a quello dell’indice dei FH. In terzo luogo, le correlazioni tra gli indici dei FOHFs e l’indice azionario sono inferiori rispetto alle correlazioni tra l’indice dei FH e gli indici azionari. Infine, l’indice dei FH e quelli dei FOHFs sono positivamente correlati con l’indice azionario quando il mercato tende al ribasso, ma risultano non correlati con l’indice azionario quando il mercato tende al rialzo. Rispetto all’indice dei FH, gli indici dei FOHFs hanno una correlazione minore con gli indici azionari in entrambe le fasi del mercato, suggerendo che i FOHFs forniscono benefici maggiori in termini di diversificazione rispetto ai fondi hedge puri. / In this thesis, I examine the risk-adjusted performance, statistical properties and fund characteristics of hedge fund investments. In Essay One, results of survivorship bias and backfill bias by investment styles indicate that biases are different across styles. Using a multi-factor model of Fung and Hsieh (2004), the analysis of performance indicates that 42% of the hedge funds significantly outperformed the market. Finally, using parametric and non-parametric methods, the analysis of persistence indicates different degree of persistence depending on the hedge fund strategy. In Essay Two, I analyse fund of hedge funds (FOHFs). I find several interesting results. First, FOHFs and the sub-strategies earn positive excess returns and a high Fung and Hsieh 7-factor alpha. Second, FOHFs and the sub-strategies underperform the hedge fund index (HFI). Third, the correlations between FOHF indices and equity index are lower than correlations between HFI and equity indices. Finally, hedge funds and FOHFs are positively correlated with the equity index in the bear markets but uncorrelated with the equity index in the bull markets. Compared to HFI, FOHF indices have lower correlation with equity index in both bull and bear markets, indicating that FOHFs provide better diversification benefits than individual hedge funds.

Thesis (doctoral)--Universität, Santiago de Compostela, 1997. / Includes bibliographical references (p. [239]-259) and index.

Thesis (doctoral)--Universität, Santiago de Compostela, 1997. / Includes bibliographical references (p. [239]-259) and index.

This dissertation is a study of a remarkable change that came about in the kind of drawings that architects used to present their work between the decades of 1960 and 1990. Drawings in this period, visually rich and compositionally complex, seemed to mark an entirely new sensibility towards their function; their goal seemed to be not so much to clearly depict the forms of a proposed building, but to instead focus on its conceptual aspects. In fact, in several cases, drawings seemed to be treated as graphic projects in their own right, over and above the work they presented. This trend was accompanied by two other developments. Around the same time, there was a sudden increase in theoretical interest in drawings within the architectural community leading to a flurry of published articles, essays and books on the topic. And all this happened to coincide with the time that the Postmodern movement came to dominate architecture. The study aims to understand the relationship between these trends, and to develop a better understanding of the reasons for these changes to have occurred. It does so by, first, developing a theoretical framework to help understand the nature and impact of the changes in drawings. Next, it presents a detailed historical account of these changes. This is followed by an in-depth study of a single architect, James Stirling, to show how the new types of drawings were not simply a means to present ideas, but played a formative role in design as well. Apart from developing a contextualized historical account of an important development in contemporary architectural history, the study also finds that the change in the drawing practice and the theoretical interests were not simply an outcome of Postmodern cultural theory of the period, but were instigated by concerns that arose from within architecture itself. It thus offers a useful case-study on how changes in disciplinary practice are brought about.

Submitted by Leonardo Mathiazzi Lagnado (lagnado@gvmail.br) on 2016-09-09T00:28:36Z No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 7778858 bytes, checksum: 16803ed7c2489aa7863aa44717c8719a (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Leonardo, boa tarde Para que possamos aceitar seu trabalho, deverá realizar algumas alterações conforme as normas da ABNT. Segue abaixo: - Na capa: o nome da Escola deve estar em Português. - Na contra capa e na folha de assinaturas, todas as informações também deverão estar em português; exceto o título. - Incluir o Resumo em português. - Retirar a numeração das páginas anteriores à página da Introdução. Em seguida, realizar uma nova submissão. Att on 2016-09-09T16:20:32Z (GMT) / Submitted by Leonardo Mathiazzi Lagnado (lagnado@gvmail.br) on 2016-09-09T17:19:58Z No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 2462733 bytes, checksum: 42b0f77db7736bc5bba5fb9151e9bfe7 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Leonardo, boa tarde Retirar EESP que consta ao lado do nome da escola. O resumo, precisa estar em outra página e não junto com o Abstract. Por gentileza, alterar novamente e realizar outra submissão. grata. on 2016-09-09T17:35:09Z (GMT) / Submitted by Leonardo Mathiazzi Lagnado (lagnado@gvmail.br) on 2016-09-09T17:49:12Z No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 2161653 bytes, checksum: f9a6629a0d197f07ac895a9744a94dbc (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Leonardo, Verificar as páginas anteriores à Introdução, pois permanecem numeradas. A numeração a partir da Introdução, está correta. Mas os números devem estar ao lado direito. Aguardo. on 2016-09-09T17:55:21Z (GMT) / Submitted by Leonardo Mathiazzi Lagnado (lagnado@gvmail.br) on 2016-09-09T18:10:05Z No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 2179487 bytes, checksum: edf32ad2e01e1bd9e7b9d944d5979f47 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Leonardo, A numeração deve estar ao lado direito, conforme informado anteriormente. Aguardo. Grata on 2016-09-09T18:17:37Z (GMT) / Submitted by Leonardo Mathiazzi Lagnado (lagnado@gvmail.br) on 2016-09-09T18:37:24Z No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 2196807 bytes, checksum: 5df765c28e119b9162e7a6ec07a45e4a (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-09-09T18:49:45Z (GMT) No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 2196807 bytes, checksum: 5df765c28e119b9162e7a6ec07a45e4a (MD5) / Made available in DSpace on 2016-09-09T20:03:17Z (GMT). No. of bitstreams: 1 MPFE - Lagnado - Versão Final.pdf: 2196807 bytes, checksum: 5df765c28e119b9162e7a6ec07a45e4a (MD5) Previous issue date: 2016-08-23 / This dissertation is aimed at evaluating the risk-return relationship of stocks by incrementing the Fama and French five-factor model (F. FAMA and R. FRENCH, 2015) with two new variables. This was done by creating a six-factor model aimed at capturing the size, value, profitability, investment and governance patterns in average stock returns. An additional seven-factor model was also created by adding a herding factor. Governance and herding were chosen as additional factors because of a hypothesis that they would be relevant in less efficient markets such as Brazil. The evaluation of the two model´s performance versus the traditional five-factor model was performed next, as well as the assessment of relevance of the newly added factors. Testing the six-factor model, it had a similar performance to the five-factor model, and the governance factor proved to be relevant in the Brazilian market. Adding the herding factor weakened the results, although the factor still proved to be relevant in some cases. / O objetivo desta dissertação é avaliar a relação risco-retorno de ações incrementando o modelo de cinco fatores de Fama e French (F. FAMA and R. FRENCH, 2015) com duas novas variáveis. Isso foi feito criando um modelo de seis fatores que busca capturar os padrões de tamanho, valor, lucratividade, investimento e governança nos retornos médios de ações. Um modelo adicional de sete fatores também foi criado adicionando um fator para o efeito manada. A governança e o efeito manada foram escolhidos como fatores adicionais por conta da hipótese de que eles seriam relevantes em mercados menos eficientes como o Brasil. A avaliação da performance dos dois modelos contra o modelo tradicional de cinco fatores foi então realizada, bem como a avaliação da relevância dos novos fatores. Testando o modelo de seis fatores, descobrimos que ele tem uma performance semelhante ao de cinco fatores, e o fator de governança mostrou ser relevante no mercado Brasileiro. Adicionando o fator para o efeito manada enfraqueceu os resultados, embora o fator ainda mostrou-se relevante em alguns casos.

Military Importance Analysis of the Olomouc fortress in the War of the Austrian Succession and the Seven Years' War Jiří Borovský Abstract The thesis focuses on a role played by the city of Olomouc during the War of Austrian Succession (1740-1748) and the Seven Years' War (1756-1763). Between 1741-1742, almost all Moravian territory became an operational space for armies of the Prussian king Friedrich II. The Prussians took the city of Olomouc, too, and made it their most important military and logistic base within the occupied territories. As soon as the War of Austrian Succession was over, the fortress of Olomouc was rebuilt fundamentally: It took a mere decade of an immense building activity and Olomouc became the most modern bastion fortification in the whole Danubian Monarchy. Shortly after the works had been finished in 1758, the Prussians invaded Moravia again in order to seize the city again. The author analyses both Prussian campaigns to Moravia. The thesis mainly deals with the conditions that involved both Austrian and Prussian parties at the beginning of the war. It draws comparison between both armies involved, and between the actual results of the wars, too. In particular, the author focuses on the comparison of the role of the fortress during the two conflicts as well as on the differences...

The study involves an in-depth case study on the leadership task of the grade heads at a private secondary school in Gauteng with the main research problem arising as: After defining the leadership task of grade heads at a private secondary school in Gauteng, how important do the learners in the grade view the individual grade head tasks to be? From the mixed-method research conducted, it stems that the leadership tasks of the grade head (and also the grade head system as a whole) have a positive impact on the learners and the holistic school environment. Therefore, it is recommended that the particular school under study continue with the structure of grade seven roles of the teacher as this provides a clear background for an organised educative approach to leadership within a grade head system.heads and that the leadership roles of the grade head continue to function within the seven roles of the teacher as this provides a clear background for an organised educative approach to leadership within a grade head system. / Educational Leadership and Management / M.A. (Education Management)

O objetivo central deste trabalho é implementar modelos constitutivos hiperelásticos não lineares em um código computacional que faz análise não linear geométrica de cascas. São necessários, para este propósito, conceitos sobre álgebras linear e tensorial, cinemática, deformação, tensão, balanços, princípios variacionais, métodos numéricos e hiperelasticidade. Tal programa usa a formulação Lagrangiana posicional, o método dos elementos finitos, o princípio dos trabalhos virtuais e o método iterativo de Newton-Raphson para solução das equações não lineares. O elemento finito de casca possui dez nós, sete parâmetros por nó e variação linear da deformação ao longo da espessura. Para dedução dos novos modelos usou-se a decomposição multiplicativa do gradiente da função mudança de configuração, o tensor deformação de Green-Lagrange e o tensor da tensão de Piola-Kirchhoff de segunda espécie. O código desenvolvido foi usado em simulações de diversos exemplos e apresentou boa precisão na análise mecânica de polímeros naturais altamente deformáveis. A ocorrência do fenômeno travamento não se manifestou nas análises realizadas. A presente pesquisa confirmou outros trabalhos, reforçou a necessidade de se usar modelos hiperelásticos não lineares para simular o comportamento mecânico de polímeros naturais e apresentou resultados condizentes com dados experimentais existentes na literatura científica e às respectivas soluções analíticas. / The main objective of this work is to implement nonlinear hyperelastic constitutive models in a computational code of geometrically nonlinear analysis of shells. For this purpose, concepts of linear and tensor algebras, kinematics, strain, stress, balances, variational principles, numerical methods and hyperelasticity are necessary. Such program uses the positional Lagrangian formulation, the finite element method, the principle of virtual work and the iterative method of Newton-Raphson for the solution of the nonlinear equations. The shell finite element has ten nodes, seven parameters per node and presents linear variation of the strain along the thickness. To achieve the new constitutive models the multiplicative decomposition of the deformation gradient, the Green-Lagrange strain tensor and the second Piola-Kirchhoff stress tensor are used. The developed code is tested for simulations of various examples and presents good accuracy in the mechanical analysis of highly deformable natural rubber. The locking phenomena didn\'t appear in the proposed analysis. The present research confirms other works, corroborates the need of using nonlinear hyperelastic models to simulate the mechanical behavior of natural rubber and presents suitable results when compared to existent experimental data of the scientific literature and to the respective analytical solutions.

Esta tese estuda a adivinhação nas sete tragédias supérstites de Ésquilo entendendo-se a adivinhação não no sentido estrito de revelação de fatos futuros, mas no sentido mais amplo de um diálogo que se estabelece entre as instâncias divina e humana valendo-se de formas e recursos variados. Assim, a análise e interpretação destas tragédias priorizam os diversos aspectos deste diálogo divinatório para mostrar a adivinhação como fundamento da construção de estratégias dramáticas na tragédia esquiliana, por informar e definir tanto a peculiaridade desta poética quanto sua visão do mundo. / This thesis studies divination in the seven surviving tragedies of Aeschylus. Divination is taken here not in the strict sense of revelation of future events, but in the broader sense of a dialogue that is established between divine and human levels through a variety of forms and resources. Thus, the analysis and interpretation of these tragedies prioritises the different aspects of this divinatory dialogue, in order to show that divination is the basis for constructing the dramatic strategies in the tragedies of Aeschylus, since it informs and defines both the particular features of this poetics and its view of the world.

Ce travail aborde la question du renseignement militaire de la guerre de succession d’Autriche (1740) au traité de Paris (1763). Le renseignement militaire est d’abord replacé dans la réflexion stratégique de la période qui l’évoque peu tout en soulignent paradoxalement l’importance pour les armées. Les différentes sources de l’information militaire constituent la seconde partie. L’espion d’armée, figure méconnue de la période joue un rôle quotidien auprès des armées d’Ancien Régime. Situé à la marge de la société civile et de la sphère militaire, attiré par le gain mais aussi par le goût de l’aventure, une reconnaissance sociale ou incité par un patriotisme naissant, l’espion prend des risques pour satisfaire un commanditaire. La troisième partie s’intéresse au secret militaire, difficile à préserver et dévoilé dans une logique de réseau, à différentes échelles et selon des organisations plus ou moins complexes. L’espion s’inscrit dans un rapport personnel avec un supérieur dont il est le « client ». L’étude s’intéresse dans un dernier temps à la transmission et la protection du renseignement obtenu. Les risques sont divers (interception postale mais surtout espions ennemis). La conclusion pose la question de l’efficacité du renseignement militaire, peu décisif du fait des contraintes logistiques et de la méfiance généralisée sur les informations et sur les acteurs qui les collectent. Dans une période de structuration de l’armée et de centralisation du pouvoir politique, le renseignement militaire oppose un fonctionnement décentralisé. La nécessité d’une information fiable entraîne une militarisation des civils, transformant ces derniers en auxiliaires de renseignement. / This work tackles the question of the military intelligence from the war of Austrian succession (1740) to the treaty of Paris (1763). The military intelligence is initially replaced in the strategic thinking of the period which evokes it little while paradoxically highlighting its importance for the armies. The various sources of military information are the second part. The army Spy, unrecognized figure of the period, plays a daily role within the armies of the Ancien Regime. Located at the margins of society and the military sphere, attracted by profit but also by the sense of adventure, social recognition or induced by a nascent patriotism, the spy takes risks to satisfy a sleeping partner. The third part focuses on the military secret, hard to preserve and unveiled in logic of networks, at different scales and in a more or less complex organizations. The spy takes part of a personal relationship with a supervisor whom he is the "client." The study examines in a final time the transmission and protection of information obtained. The risks are varied (postal interception but especially enemy spies). The conclusion raises the question of the effectiveness of the military information, not very decisive because of the logistic constraints and widespread distrust about information and the actors who collect them. In a period of structuring of the army and centralization of political power, military intelligence is in contrary a decentralized operation. The need for reliable information leads to a militarization of civilians, transforming them into auxiliary information.