Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Efetividade dos exercícios em cadeia cinética aberta e cadeia cinética fechada no tratamento da síndrome da dor femoropatelar

FEHR, Guilherme Lotierso et al. Efetividade dos exercícios em cadeia cinética aberta e cadeia cinética fechada no tratamento da síndrome da dor femoropatelar. Revista Brasileira de Medicina do Esporte, [s.l], v. 12, n. 2, p.66-70, mar./abr. 2006. Bimestral. Disponível em: . Acesso em: 04 out. 2010.

Locus de controle e a efetividade empresarial em microempresários do estado do Rio Grande do Norte

Entrepreneurs are individuals who can transform economic and social realities by promoting development, so it became important tools in generating externalities in regions where they operate. In Brazil, 59.9% of new ventures do not reach the fourth year of life, the mortality rate of new ventures is high. The causes of mortality are numerous, and within the behavioral aspects, one is the locus of control. This study determines the degree of association between internal locus of control and achieving business success of entrepreneurs in Rio Grande do Norte who participated in the workshop EMPRETEC. The approach that studies the behavior entrepreneurs agreed that there are psychological characteristics associated with a set of values, attitudes and needs that determine the behavior and induce the entrepreneur to achieve success. Among these features is the locus of control, a skill that individuals must identify in their actions, or lack of them, the causes of their successes and failures. The locus is external when the individual attributes to factors outside themselves as causes of their results, and is built in when you can identify the actions that led to success. We surveyed 223 entrepreneurs statewide who answered the questionnaire for assessing the scale of locus of control, selfassessment questionnaire of entrepreneurial characteristics of EMPRETEC and a questionnaire assessing the business success. 71.9% were identified as having success. Among the behavioral characteristics strongest in the group of entrepreneurs are setting goals and commitment. Was found for locus of control mean value of 7.35, confidence interval between 7.05 and 7.66. Showing that the locus of control group is predominantly internal. We also found a correlation between the locus and commitment, between setting goals and commitment; calculated risks and information search; search of information and commitment, and between commitment and independence and self confidence. Dependence was not identified among the set of features and business success, determining the absence of an ideal profile. However, logistic regression significant association was found indicating that the smaller the individual's locus of control increased the likelihood of it achieving business success