The structure and resilience of financial market networks

Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience. (C) 2012 American Institute of Physics. [doi:10.1063/1.3683467]

Neoproterozoic glacial deposits from the Aracuai orogen, Brazil: Age, provenance and correlations with the Sao Francisco craton and West Congo belt

Glacigenic diamictite successions of the Macaubas Group are widespread in the western domain of the Aracuai orogen, east of the Sao Francisco craton (Brazil). Diamictites also occur on this craton and in the African counterpart of the Aracuai orogen, the West Congo belt. Detrital zircon grains from the matrix of diamictites and sandstones from the Macaubas Group were dated by the U-Pb SHRIMP technique. The geochronological study sets the maximum depositional age of the glacial diamictites at 900 Ma, and indicates multiple sources for the Macaubas basin with ages ranging from 900 to 2800 Ma. Sm-Nd T-DM model ages, determined on whole rock samples, range from 1.8 Ga to 2.5 Ga and get older up-section. Comparison of our data with those from the cratonic area suggest that these glacial deposits can be correlated to the Jequitai and Carrancas diamictites in the Sao Francisco craton, and to the Lower Mixtite Formation of the West Congolian Group, exposed in Africa. The 900-1000 Ma source is most probably represented by the Zadinian-Mayumbian volcanic rocks and related granites from the West Congo belt. However, one of the most voluminous sources, with ages in the 1.1-1.3 Ga interval, has not been detected in the Sao Francisco-Congo craton. Possible sources for these grains could occur elsewhere in Africa, or possibly from within the Brasilia Belt in western central Brazil. (C) 2011 International Association for Gondwana Research. Published by Elsevier B.V. All rights reserved.

Petrology of Gameleira potassic lamprophyres, São Francisco Craton

Gameleira lamprophyres are dykes and mafic microgranular enclaves associated with the shoshonitic Gameleira monzonite. This association belongs to the Paleoproterozoic alkaline magmatism from Serrinha nucleus, northeast Brazil. The liquidus paragenesis is diopside, pargasite, apatite and mica. Reverse zoning was identified in the groundmass alkali feldspar and was related to the undercooling of lamprophyric magma during the emplacement, with high growth rate of pargasite/edenite inducing disequilibrium between feldspars and liquid. Chemical data indicate that the lamprophyres are basic rocks (SiO2 < 48 wt%), with alkaline character (Na2O + K2O > 3 wt%) and potassic signature (K2O/Na2O ≈ 2). High contents of MgO and Cr are consistent with a signature of a primary liquid, and such concentrations, as well as Al, K, P, Ba, Ni- and light rare earth elements, are consistent with an olivine-free metasomatic mantle source enriched in amphibole, clinopyroxene and apatite. By contrast, the ultrapotassic lamprophyres from Morro do Afonso, contemporaneous alkaline ultrapotassic magmatism in Serrinha nucleus, were probably produced by melting of a clinopyroxene-phlogopite-apatite enriched-source. The identification of different mineral paragenesis in the source of potassic and ultrapotassic lamprophyres from Serrinha nucleus can contribute to the understanding of the mantle heterogeneities and tectonic evolution of this region.

Water transfer from São Francisco river to semiarid northeast of Brazil: technical data, environmental impacts, survey of opinion about the amount to be transferred

The transposition of the São Francisco River is considered one of the greatest engineering works in Brazil of all time since it will cross an extensive agricultural region of continental dimensions, involving environmental impacts, water, soil, irrigation, water payment and other multidisciplinary themes. Taking into account its importance, this subject was incorporated into a discipline of UFSCar (Federal University of São Carlos - Brazil) named "Pollution and Environmental Impacts". It was noted strong reaction against the project, even before the presentation. To allow a critical analysis, the first objective was to compile the main technical data and environmental impacts. The second objective was to detect the three most important aspects that cause reaction, concluding for the following reasons: assumption that the volume of water to be transferred was much greater than it actually is proposed in the project; lack of knowledge about similar project already done in Brazil; the idea that the artificial canal to be built was much broader than that proposed by the project. The participants' opinion about "volume to be transferred" was raised quantitatively four times: 2-undergraduate students; 1-graduate; 1-outside community. The average resulted 14 times larger than that proposed in the project, significant according to t-test. It was concluded that the reaction to water transfer project is due in part to the ignorance combined with a preconceived idea that tend to overestimate the magnitude of environmental impacts.

Temporal variability of chlorophyll-a in the São Vicente estuary

Estuaries are extremely dynamic environments that are vulnerable to anthropogenic alterations. Thus, monitoring phytoplankton abundances and composition is an essential tool for the prediction of eutrophication and its effects on coastal ecosystems. Phytoplankton biomass, as chlorophyll-a, in the São Vicente estuary (Brazil) varies in response to tidal cycles and seasonal rainfall. Objectives. To present two datasets designed to assess the relationship between chlorophyll-a and changes in water turbidity driven by tide and rain. Methods. Weekly observations were made in the shallow embayment (February to September 2008; site 1) and observations recorded on alternate days (summer 2010, site 2). Results. At site 1, turbidity differed between high and low tides, but on most days was over 3000 RU, maintaining moderate chlorophyll-a levels (4 mg.m-3) and only two blooms developed during low turbidity. Site 2 mean turbidity was 1500 RU, nutrient level was higher during neap tides and phytoplankton blooms were mainly observed at the end of neap tides at 15-day intervals, dominated by chain-forming diatoms and occasionally flagellates and pennate diatoms. Conclusions. Taxonomic composition of the blooms was different and their frequency altered by events characterized by intense freshwater discharges from the Henry Borden Hydroelectric Dam (> 9*106.m³), inhibiting phytoplankton accumulation during neap tide periods.

400 anos do De Legibus de Francisco SUAREZ (1548-1617)

O artigo destaca a importância da contribuição de Francisco SUAREZ (1548- 1617) para a evolução do direito internacional, com ênfase nas questões práticas que este teve de enfrentar para formular soluções legais – o dado central da obra é a afirmação da unidade intrínseca da humanidade, em comunidade internacional formando um todo, apesar de dividida em povos e reinos. Observa o caráter de continuidade histórica entre o legado medieval e o Direito Internacional moderno, do qual o tratado Das leis e Deus legislador (1612) foi marco relevante.

A mathematical model for optimizing the indications of liver transplantation in patients with hepatocellular carcinoma

Abstract Background The criteria for organ sharing has developed a system that prioritizes liver transplantation (LT) for patients with hepatocellular carcinoma (HCC) who have the highest risk of wait-list mortality. In some countries this model allows patients only within the Milan Criteria (MC, defined by the presence of a single nodule up to 5 cm, up to three nodules none larger than 3 cm, with no evidence of extrahepatic spread or macrovascular invasion) to be evaluated for liver transplantation. This police implies that some patients with HCC slightly more advanced than those allowed by the current strict selection criteria will be excluded, even though LT for these patients might be associated with acceptable long-term outcomes. Methods We propose a mathematical approach to study the consequences of relaxing the MC for patients with HCC that do not comply with the current rules for inclusion in the transplantation candidate list. We consider overall 5-years survival rates compatible with the ones reported in the literature. We calculate the best strategy that would minimize the total mortality of the affected population, that is, the total number of people in both groups of HCC patients that die after 5 years of the implementation of the strategy, either by post-transplantation death or by death due to the basic HCC. We illustrate the above analysis with a simulation of a theoretical population of 1,500 HCC patients with tumor size exponentially. The parameter λ obtained from the literature was equal to 0.3. As the total number of patients in these real samples was 327 patients, this implied in an average size of 3.3 cm and a 95% confidence interval of [2.9; 3.7]. The total number of available livers to be grafted was assumed to be 500. Results With 1500 patients in the waiting list and 500 grafts available we simulated the total number of deaths in both transplanted and non-transplanted HCC patients after 5 years as a function of the tumor size of transplanted patients. The total number of deaths drops down monotonically with tumor size, reaching a minimum at size equals to 7 cm, increasing from thereafter. With tumor size equals to 10 cm the total mortality is equal to the 5 cm threshold of the Milan criteria. Conclusion We concluded that it is possible to include patients with tumor size up to 10 cm without increasing the total mortality of this population.

Reflexões sobre a formação do acervo da Academia de Direito do Largo de São Francisco: do século XIX aos nossos dias

O trabalho apresenta algumas reflexões sobre a história da formação do acervo acadêmico dos cursos jurídicos do Brasil criados no século XIX, especificamente da Faculdade de Direito da Universidade de São Paulo. A primeira Biblioteca Pública de São Paulo, fundada em 1825, exerceu forte influência para que o Convento dos frades franciscanos recebesse a escola de direito criada por Decreto Imperial, em razão de seu fundo bibliográfico de 5.000 mil livros, preponderantemente de cunho eclesiástico, e considerável para os padrões culturais do Brasil à época. Atualmente configura-se como uma importante biblioteca jurídica acadêmica da América Latina e, ao longo da sua história tem sido uma instituição de depósito moral, isto é, recebe doações das mais diversas localidades do país, encaminhadas espontaneamente pelos autores para ter sua obra disponibilizada no acervo do primeiro e um dos mais tradicionais cursos de Direito do Brasil. Atualmente, este acervo está estimado em aproximadamente 400 mil itens, com doações de personalidades brasileiras. Outro ponto estudado refere-se ao estabelecimento de critérios para seleção de material – corpo editorial, autores de renome, relevância nos temas abordados etc. – em razão do boom editorial ocorrido na década de 1990, concomitante com o aumento de escolas de Direito no país. Chama-se à reflexão de quem atua na seara jurídica para atentar a pontos relevantes no momento da seleção para não incorrer no erro de avaliar com preconceito, modernidade, ideológico, interesse de estudo pessoal ou embasado apenas na data de publicação da obra. As ciências humanas, diferentemente de outras áreas, têm sua obsolescência mais lenta ou inexistente, decorrendo em grave erro para o Direito julgar exclusivamente pela data de publicação, o que torna premente aos profissionais bibliotecários dominarem conceitos básicos na área de atuação para que as bibliotecas sejam depositárias de material bibliográfico de qualidade.

Caracterização da circulação costeira na região sul do mar de Cananéia, litoral sul brasileiro, em apoio a revitalização de edificações marinhas: experimentos-piloto com observações de perfiladores acústicos de corrente

Na região sul do mar de Cananéia, litoral sul brasileiro, está situada na Ilha de Cananéia, desde 1950, a base de pesquisa Dr. João de Paiva Carvalho do Instituto Oceanográfico da Universidade de São Paulo - IOUSP. A região em estudo faz parte do complexo estuarino-lagunar Cananéia-Iguape e é caracterizada por regime de marés semidiurnas e correntes predominantemente longitudinais ao canal entre as ilhas de Cananéia e Comprida. Considerando que estudos de circulação costeira são de fundamental importância para a construção e revitalização de edificações marinhas, o presente trabalho consiste em fornecer um cenário oceanográfico de suporte à expansão e/ou revitalização do píer da base de pesquisa. A avaliação é baseada em observações de correntes e de marés registradas em experimentos-piloto realizados em agosto e setembro de 2012. A base de dados de correntes é composta por registros via Acoustic Doppler [Current] Profilers (ADPs), frequências de 500 e 1500 kHz, com visadas verticais e horizontais da coluna de água. Considerando a previsão de maré astronômica, os registros de agosto e setembro não mostraram significativas variações. As possíveis marés meteorológicas não tiveram forte influência sobre o ciclo de maré durante o período amostrado, evidenciando uma fraca ação de correntes geradas por forçantes meteorológicas. Durante a baixamar, os resultados indicaram velocidades longitudinais ao canal com até o dobro da magnitude, da ordem de 0,6 m s-1, em relação aos registros de preamar. A caracterização da circulação local possibilitou inferir que a expansão e/ou revitalização do píer não se mostram suscetíveis a possíveis danos significativos decorrentes da ação de correntes relativamente intensas. Adicionalmente, as velocidades de corrente mais intensas, 1,2 m s-1, características da região próxima ao centro do canal, tendem a conduzir a uma dispersão eficaz e adequada de poluentes ali lançados, beneficiando a preservação da comunidade local de organismos.