Analysis of the Performance of Mexican Pension Funds: Evidence from a Stationary Bootstrap Application

This paper assesses the performance of Mexican pension funds (AFORES) by using an asset pricing model that includes macroeconomic factors and benchmark portfolios to explain returns. We apply a bootstrap statistical technique to obtain the cross-sectional distribution of performance measures (alphas) across all pension funds. This is done to determine whether a pension fund manager adds value to the portfolio before commissions charges, or if the performance observed, after controlling for the relevant factors, is simply explained by luck. Moreover, by comparing pension fund alphas to the distributions of alphas corresponding to lower rankings, we can find out if a particular fund statistically distinguishes itself from others. Our results provide evidence that pension funds managers do not add value to the portfolio and that funds are not distinguishable from each other.Pension funds, Performance evaluation, Stationary bootstrap

Improving Transient Performance of Adaptive Control Architectures using Frequency-Limited System Error Dynamics

We develop an adaptive control architecture to achieve stabilization and command following of uncertain dynamical systems with improved transient performance. Our framework consists of a new reference system and an adaptive controller. The proposed reference system captures a desired closed-loop dynamical system behavior modified by a mismatch term representing the high-frequency content between the uncertain dynamical system and this reference system, i.e., the system error. In particular, this mismatch term allows to limit the frequency content of the system error dynamics, which is used to drive the adaptive controller. It is shown that this key feature of our framework yields fast adaptation with- out incurring high-frequency oscillations in the transient performance. We further show the effects of design parameters on the system performance, analyze closeness of the uncertain dynamical system to the unmodified (ideal) reference system, discuss robustness of the proposed approach with respect to time-varying uncertainties and disturbances, and make connections to gradient minimization and classical control theory.Comment: 27 pages, 7 figure

Learning mathematics and competences: Bringing together three theoretical perspectives

The symposium aims to bring into analysis and discussion a possibility of articulating and integrating theoretical concepts from Activity Theory, Situated Learning and Critical Mathematics Education in order to contribute to understanding learning in practices where mathematics and technology seem to be relevant

A twisted conformal field theory description of the Quantum Hall Effect

We construct an effective conformal field theory by using a procedure which induces twisted boundary conditions for the fundamental scalar fields. That allows to describe a quantum Hall fluid at Jain hierarchical filling, nu=m/(2pm+1), in terms of one charged scalar field and m-1 neutral ones. Then the resulting algebra of the chiral primary fields is U(1)xW_m. Finally the ground state wave functions are given as correlators of appropriate composite fields (a-electrons).Comment: 11 pages, plain Late

Hydrothermal stability of Ru/SiO2-C: A promising catalyst for biomass processing through liquid-phase reactions

In this work, structural and morphological properties of SiO2-C composite material to be used as support for catalysts in the conversion of biomass-derived oxygenated hydrocarbons, such as glycerol, were investigated in liquid water under various temperatures conditions. The results show that this material does not lose surface area, and the hot liquid water does not generate changes in the structure. Neither change in relative concentrations of oxygen functional groups nor in Si/C ratio due to hydrothermal treatment was revealed by X-ray photoelectron spectroscopy (XPS) analysis. Raman analysis showed that the material is made of a disordered graphitic structure in an amorphous silica matrix, which remains stable after hydrothermal treatment. Results of the hydrogenolysis of glycerol using a Ru/SiO2-C catalyst indicate that the support gives more stability to the active phase than a Ru/SiO2 consisting of commercial silica

Electrons as quasi-bosons in magnetic white dwarfs

A white dwarf star achieves its equilibrium from the balancing of the gravitational compression against the Fermi degeneracy pressure of the electron gas. In field theory there are examples (e.g. the monopole-charge system) where a strong magnetic field can transform a boson into a fermion or a fermion into a boson. In some condensed matter systems (e.g. fractional quantum Hall systems) a strong magnetic field can transform electrons into effective fermions, or effective anyons. Based on these examples we investigate the possibility that the strong magnetic fields of some white dwarfs may transform some fraction of the electrons into effective bosons. This could have consequences for the structure of highly magnetized white dwarfs. It would alter the mass-radius relationship, and in certain instances one could envision a scenario where a white dwarf below the Chandrasekhar limit could nevertheless collapse into a neutron star due to a weakening of the electron degeneracy pressure. In addition the transformation of electrons into effective bosons could result in the electrons Bose condensing, which could speed up the cooling rate of white dwarfs.Comment: 10 pages. To be published IJMP

Formulation, implementation and validation of a scalar damage model for brittle materials applied to three- dimensional solid elements

La mecánica del daño continuo describe el deterioro progresivo de las propiedades mecánicas de los materiales a partir de un modelo fenomenológico. En este trabajo se presenta la formulación, implementación y validación de un modelo de daño escalar aplicado a elementos sólidos tridimensionales. Se trata de un modelo de gran versatilidad definido a partir de una superficie de falla y una variable de daño escalar. Su campo de aplicación es la modelación numérica de materiales elásticos isótropos con degradación de la rigidez cuya tensión límite a tracción es igual a la de compresión. El modelo queda definido a partir de cuatro propiedades del material determinables en un ensayo Tensión-Desplazamiento. El modelo es implementado en el software ABAQUS por medio de una subrutina UMAT. Para la resolución de las ecuaciones de equilibrio no lineal se propone un algoritmo de tipo implícito (Método de Backward Euler). La validación a esfuerzos de tracción muestra una adecuada correlación entre los resultados numéricos y los experimentales, con una dispersión de la energía disipada del 6%. Finalmente, se presenta un ejemplo de aplicación. Los resultados alcanzados demuestran que se trata de una herramienta sencilla y, a la vez, poderosa para el análisis numérico de materiales frágiles.Continuum Damage Mechanics describes the progressive degradation of the material properties based on a phenomenological model. This work presents the formulation, implementation and validation of a scalar damage model applied to three-dimensional solid elements. It is a highly versatile model defined from a fault surface and a scalar damage variable. Isotropic elastic materials with softening behavior and a single threshold surface can be simulated by this model. Four parameters are necessary to define the model and they derive from the classical stress-strain test. The model is implemented through a user-defined UMAT subroutine in software ABAQUS. The non-linear equilibrium equations are solved by an implicit algorithm based on the Backward Euler Method. The tensile stress validation shows an adequate correlation between the numerical and experimental results, with a 6% dispersion of dissipated energy. Finally, an illustrative example is presented. The results show that it is a simple but powerful tool for the numerical analysis of brittle materials.Fil: González del Solar, Gerardo Andrés. Universidad Tecnológica Nacional. Facultad Regional Mendoza. Centro Regional de Desarrollos Tecnológicos para la Construcción, Sismología e Ingeniería Sísmica; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Martín, P.. Universidad Tecnológica Nacional. Facultad Regional Mendoza. Centro Regional de Desarrollos Tecnológicos para la Construcción, Sismología e Ingeniería Sísmica; ArgentinaFil: Maldonado, N.. Universidad Tecnológica Nacional. Facultad Regional Mendoza. Centro Regional de Desarrollos Tecnológicos para la Construcción, Sismología e Ingeniería Sísmica; Argentin

Model for quantitative tip-enhanced spectroscopy and the extraction of nanoscale-resolved optical constants

Near-field infrared spectroscopy by elastic scattering of light from a probe tip resolves optical contrasts in materials at dramatically sub-wavelength scales across a broad energy range, with the demonstrated capacity for chemical identification at the nanoscale. However, current models of probe-sample near-field interactions still cannot provide a sufficiently quantitatively interpretation of measured near-field contrasts, especially in the case of materials supporting strong surface phonons. We present a model of near-field spectroscopy derived from basic principles and verified by finite-element simulations, demonstrating superb predictive agreement both with tunable quantum cascade laser near-field spectroscopy of SiO$_2$ thin films and with newly presented nanoscale Fourier transform infrared (nanoFTIR) spectroscopy of crystalline SiC. We discuss the role of probe geometry, field retardation, and surface mode dispersion in shaping the measured near-field response. This treatment enables a route to quantitatively determine nano-resolved optical constants, as we demonstrate by inverting newly presented nanoFTIR spectra of an SiO$_2$ thin film into the frequency dependent dielectric function of its mid-infrared optical phonon. Our formalism further enables tip-enhanced spectroscopy as a potent diagnostic tool for quantitative nano-scale spectroscopy.Comment: 19 pages, 9 figure