A relação entre desempenho e a forma legal das instituições de microcrédito

This work test the relationship of performance and legal form of microfinance institutions (MFI), in our work MFI can be banks, non-governmental organizations (NGO), cooperatives, non-banks financial institutions (NBFI) or rural banks. We use linear regression model, panel data and variables dummy for the legal forms. Our samples are 243 MFI from all continents, except North America, in the period from 2007 to 2012. We found that bigger MFI generates higher profit, higher returns and higher self-sufficiency rates, so the growing can be a way for consolidation of MFI. For smaller MFI a way can be assimilation or merging with other MFI. Cooperatives, non-bank financial institutions and rural banks can serve more customers, causing greater impact on society, and get higher returns. This suggests the most appropriate legal form for microfinance market can be cooperatives, non-banks financial institutions or rural banks balancing social orientation and profit orientation.

Desempenho de analistas sell-side no mercado de ações brasileiro

The purpose of this study was to analyze the behavior of Sell-Side analysts and analysts propose a classification, considering the performance of the price forecasts and recom- mendations (sell-hold-buy) in the Brazilian stock market. For this, the first step was to analyze the consensus of analysts to understand the importance of this collective interven- tion in the market; the second was to analyze the analysts individually to understand how improve their analysis in time. Third was to understand how are the main methods of ranking used in markets. Finally, propose a form of classification that reflects the previous aspects discussed. To investigate the hypotheses proposed in the study were used linear models for panel to capture elements in time. The data of price forecasts and analyst recommendations individually and consensus, in the period 2005-2013 were obtained from Bloomberg R ○ . The main results were: (i) superior performance of consensus recommen- dations, compared with the individual analyzes; (ii) associating the number of analysts issuing recommendations with improved accuracy allows supposing that this number may be associated with increased consensus strength and hence accuracy; (iii) the anchoring effect of the analysts consensus revisions makes his predictions are biased, overvaluating the assets; (iv) analysts need to have greater caution in times of economic turbulence, noting also foreign markets such as the USA. For these may result changes in bias between optimism and pessimism; (v) effects due to changes in bias, as increased pessimism can cause excessive increase in purchase recommendations number. In this case, analysts can should be more cautious in analysis, mainly for consistency between recommendation and the expected price; (vi) the experience of the analyst with the asset economic sector and the asset contributes to the improvement of forecasts, however, the overall experience showed opposite evidence; (vii) the optimism associated with the overall experience, over time, shows a similar behavior to an excess of confidence, which could cause reduction of accuracy; (viii) the conflicting effect of general experience between the accuracy and the observed return shows evidence that, over time, the analyst has effects similar to the endowment bias on assets, which would result in a conflict analysis of recommendations and forecasts ; (ix) despite the focus on fewer sectors contribute to the quality of accuracy, the same does not occur with the focus on assets. So it is possible that analysts may have economies of scale when cover more assets within the same industry; and finally, (x) was possible to develop a proposal for classification analysts to consider both returns and the consistency of these predictions, called Analysis coefficient. This ranking resulted better results, considering the return / standard deviation.

Construção e validação de instrumento de coleta de dados do casal grávido no âmbito da atenção básica

The research aimed to construct and validate a data collection instrument of pregnant couple as part of primary care. It was considered hypothesis that level of agreement from 70% among participants to validate the expert panel. The document has been based on the Theory of Human Needs by Horta and adjusted by Garcia and Cubas. It is a study of methodological type developed in four stages: identification of empirical indicators to pregnant women through an integrative literature review; evaluation of empirical indicators and their relation to human needs by focus group; structuring of the second version of instrument by categorization of indicators and appearance and content validation of the third version of instrument by judges, by use of Delphi technique. The collection of data was the first stage in months from August to October 2014 in the Journal of Midwifery and Women's Health and Scopus, PubMed, Lilacs, CINAHL, Cochrane databases. The remaining steps were carried out from November 2014 to February 2015. For the focus group was counted with participation of six experts through two meetings. As for the judges, it was obtained a population of 63 and final sample of 51 judges divided into 46 basic health units of Municipal City Health Natal/RN, Brazil. The study was approved by the Research Ethics Committee of Universidade Federal do Rio Grande do Norte, under Protocol number 876.200. For data analysis of the first stage it was used descriptive statistics and results are presented in tables and charts. At that stage were identified 162 empirical indicators and, when they were related to human needs, 64 by them were on psycobiological, 97 on psychosocial and one (1) on psychospiritual needs. Regarding the second and third stages, data were treated by process of categorizing and analyzing the Content Validity Index. The indicators obtained a 100% validation index. In appearance and content validation phase of instrument non-validated items were excluded and other items obtained index above 70%. Furthermore, it obtained 99% content validity index in the second version and 95.7% in the third version of the instrument as a whole and, therefore, validated tool. This instrument contains Health Institution, pregnant woman and her partner identification data, information on the human needs of the pregnant and items pertaining to systematize the collection of pregnant couple data during prenatal care. By the conclusion of the study, nurse shall have an instrument to collect the data of pregnant couple in primary care innovative by considering psychobiological, psychosocial and psychospiritual pregnant needs and insert health and sociodemographic data of pregnant partner in the context of pregnancy. Also, the document will serve as a tool for teaching and research in obstetrical nursing.

Contribuições para estratégia de controle aplicada à geração fotovoltaica interconectada à rede elétrica

Generation systems, using renewable sources, are becoming increasingly popular due to the need for increased use of electricity. Currently, renewables sources have a role to cooperate with conventional generation, due to the system limitation in delivering the required power, the need for reduction of unwanted effects from sources that use fossil fuels (pollution) and the difficulty of building new transmission and/or distribution lines. This cooperation takes place through distributed generation. Therefore, this work proposes a control strategy for the interconnection of a PV (Photovoltaic) system generation distributed with a three-phase power grid through a connection filter the type LCL. The compensation of power quality at point of common coupling (PCC) is performed ensuring that the mains supply or consume only active power and that his currents have low distorcion. Unlike traditional techniques which require schemes for harmonic detection, the technique performs the harmonic compensation without the use of this schemes, controlling the output currents of the system in an indirect way. So that there is effective control of the DC (Direct Current) bus voltage is used the robust controller mode dual DSMPI (Dual-Sliding Mode-Proportional Integral), that behaves as a sliding mode controller SM-PI (Sliding Mode-Proportional Integral) during the transition and like a conventional PI (Proportional Integral) in the steady-state. For control of current is used to repetitive control strategy, which are used double sequence controllers (DSC) tuned to the fundamental component, the fifth and seventh harmonic. The output phase current are aligned with the phase angle of the utility voltage vector obtained from the use of a SRF-PLL (Synchronous Reference Frame Phase-Locked-Loop). In order to obtain the maximum power from the PV array is used a MPPT (Maximum Power Point Tracking) algorithm without the need for adding sensors. Experimental results are presented to demonstrate the effectiveness of the proposed control system.

Cálculo das incertezas climáticas sobre América do Sul utilizando modelos do CMIP5: aferição através das redes neurais artificiais

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Protótipo de rastreador solar de um eixo baseado em microcontrolador

The increase in the efficiency of photo-voltaic systems has been the object of various studies the past few years. One possible way to increase the power extracted by a photovoltaic panel is the solar tracking, performing its movement in order to follow the sun’s path. One way to activate the tracking system is using an electric induction motor, which should have sufficient torque and low speed, ensuring tracking accuracy. With the use of voltage source inverters and logic devices that generate the appropriate switching is possible to obtain the torque and speed required for the system to operate. This paper proposes the implementation of a angular position sensor and a driver to be applied in solar tracker built at a Power Electronics and Renewable Energies Laboratory, located in UFRN. The speed variation of the motor is performed via a voltage source inverter whose PWM command to actuate their keys will be implemented in an FPGA (Field Programmable Gate Array) device and a TM4C microcontroller. A platform test with an AC induction machine of 1.5 CV was assembled for the comparative testing. The angular position sensor of the panel is implemented in a ATMega328 microcontroller coupled to an accelerometer, commanded by an Arduino prototyping board. The solar position is also calculated by the microcontroller from the geographic coordinates of the site where it was placed, and the local time and date obtained from an RTC (Real-Time Clock) device. A prototype of a solar tracker polar axis moved by a DC motor was assembled to certify the operation of the sensor and to check the tracking efficiency.

Eleição nas escolas: uma análise do impacto do diretor eleito sobre o desempenho educacional no Estado da Bahia

In Brazil, the selection of school principals is set in a decentralized manner by each state and city, such that processes may vary with time for a specific locality. In the state of Bahia, school principals were appointed by a higher political hierarchy until 2008, when schools under state administration started selecting principals by elections. The main goal of this work is to evaluate whether changing this specific rule affected students proficiency levels. This is achieved by using a panel data and difference-in-differences approachs that compares state schools (treatment group) to city schools (control group) that did not face a selection rule change and thus kept having their principals politically appointed. The databases used are Prova Brasil 2007, 2009 and 2011, the first one prior and the other two former to the policy change. Our results suggest that students attending schools with principals that are selected and elected have slightly lower mean proficiency levels both in mathematics and in portuguese exams than those attending schools with appointed principals. This result, according to the literature, could be related to perverse effects of selecting school administrators by vote, such as corporatism, clientelism and politicization of the school environment

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

A Corrupção burocrática inibe o empreendedorismo? uma análise empírica dos estados brasileiros

This work aims to investigate the relationship between the entrepreneurship and the incidence of bureaucratic corruption in the states of Brazil and Federal District. The main hypothesis of this study is that the opening of a business in Brazilian states is negatively affected by the incidence of corruption. The theoretical reference is divided into Entrepreneurship and bureaucratic corruption, with an emphasis on materialistic perspective (objectivist) of entrepreneurship and the effects of bureaucratic corruption on entrepreneurial activity. By the regression method with panel data, we estimated the models with pooled data and fixed and random effects. To measure corruption, I used the General Index of Corruption for the Brazilian states (BOLL, 2010), and to represent entrepreneurship, firm entry per capita by state. Tests (Chow, Hausman and Breusch-Pagan) indicate that the random effects model is more appropriate, and the preliminary results indicate a positive impact of bureaucratic corruption on entrepreneurial activity, contradicting the hypothesis expected and found in previous articles to Brazil, and corroborating the proposition of Dreher and Gassebner (2011) that, in countries with high regulation, bureaucratic corruption can be grease in the wheels of entrepreneurship

A cidade e o idoso

This thesis concerns the study of the city and impacts that will be caused in its structure due to the aging process of the human society, mainly in Brazil. The most important focus will be those related to problems of accessibility, leisure, housing, health and labor, issues that most affect people over 60 years of age. Beyond the analysis of inherent problems to the subject, proposals will be made for urban intervention that the cities become more suitable for the living of the elderly. To support this study, a review of different theories about the city was carried out, then a panel about the presence of the elderly in society, including Brazil, and in the cities, aiming at a vision, as broad as possible, on how the elderly were treated throughout history. In order to establish paradigms and parameters in the approach to the subject, a series of systematic observations on the urban space in different cities proceeded, in Brazil and abroad, with works aiming the inclusion of the elderly in urban areas, such as Amsterdam, Barcelona, Brasilia, Luanda and Rio de Janeiro, a city considered by the UN as physical and territorial urban laboratory suitable for the elderly. From there we tried to obtain, in addition to literature and observation of other countries experiences, the conduct of field research and official standards analysis, the theoretical basis for establishing guidelines on how to plan and design a more appropriate urban space for the elderly

Caracterização Hematológica e Imunofenotípica em Pacientes com Leucemia Linfoblástica Aguda

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