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

Vem ouvir o verso de teu cantador : amos, cantadores e toadas no Boi-Bumbá Caprichoso Belém/PA

This thesis aims to investigating the cantadores and the toadas in the Boi Bumbá, debating questions which put together around the construction and performance of amo s and cantador s role in the Boi Bumbá Caprichoso of Belém-PA city and exploring the extent of toadas its characteristics, functions, the uses that are made of theirs and the relations that establishes between them and the cantadores. The problematic of the research consisted on analysing what the amos, cantadores and toadas represent in the whole context of boi-bumbá plays in Belém, nowadays. Considering this perspective, I tried to identify on Boi Caprichoso the most meaningful expressions which were related to toadas and how the roles of amo and cantador were performed. Participative observation, ethnical research, open and semistructured interviews were used as research methods. The role performances on Boi Caprichoso plays an essential part on the playing realization, highlighting themselves as pivotal characters. These performances, characterized by the vocal presence, also highlighted the size that toadas occupy in the whole play, and pointed the way for an emerging model of presentation, in which both toada and cantador appear as central figures

O Bumba meu boi como fenômeno estético

Cette étude propose d'articuler une discussion entre les définitions de corps, esthétique et éducation, tout en les plaçant dans le scénario des danses traditionnelles, surtout, le Bumba-meu-boi de l'État du Maranhão. On part de la proposition selon laquelle le Bumba-meu-boi ainsi que d'autres réjouissances traditionnelles, réunissent des éléments constitutifs qui se traduisent en langage esthétique et celui-ci exprime, par le biais des corps qui le cultivent, se constitue aussi, tout comme expression éducative des formes d'être et de vivre en société, dans l'espace et dans le temps, créant et récréant des structures, de modes d'être et de faire des sujets sociaux. À travers le chant, la danse, les actions organisatrices et d'autres aspects, on établit différentes stratégies de lecture du monde; tout en se mouvementant, se réorganisant, se renseignant à sur l'ambiance et de soi même. La recherche a, comme configuration méthodologique l'approche qualitative phénoménologique, dont la trajectoire du phénomène situé a été développée à partir des descriptions de l'expérience vécue par l'auteur dans le monde-vie du Bumba-meu-boi da Liberdade siégé à São Luis do Maranhão. C'est, donc, avec la compréhension de l'esthétique phénoménologique que nous nous sommes identifiés pour l'élaboration de cette étude. Cette conception est en rapport avec le domaine de l'appréhension sensible vinculée à la relation de sens de l'homme avec le monde, avec soi-même et avec les autres. La thèse présente la production de connaissance en tant que cathégorie esthétique et le phénomène éducatif configuré dans la condition corporelle de l'être humain. Nous comprenons que, dans l'expérience vécue et construite dans le scénario du Bumba-meu-boi, il y a une éducation qui se configure dans la plasticité du corps, dans sa capacité de donner des sens et de construire de significations

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

Vem ouvir o verso de teu cantador : amos, cantadores e toadas no Boi-Bumbá Caprichoso Belém/PA

This thesis aims to investigating the cantadores and the toadas in the Boi Bumbá, debating questions which put together around the construction and performance of amo s and cantador s role in the Boi Bumbá Caprichoso of Belém-PA city and exploring the extent of toadas its characteristics, functions, the uses that are made of theirs and the relations that establishes between them and the cantadores. The problematic of the research consisted on analysing what the amos, cantadores and toadas represent in the whole context of boi-bumbá plays in Belém, nowadays. Considering this perspective, I tried to identify on Boi Caprichoso the most meaningful expressions which were related to toadas and how the roles of amo and cantador were performed. Participative observation, ethnical research, open and semistructured interviews were used as research methods. The role performances on Boi Caprichoso plays an essential part on the playing realization, highlighting themselves as pivotal characters. These performances, characterized by the vocal presence, also highlighted the size that toadas occupy in the whole play, and pointed the way for an emerging model of presentation, in which both toada and cantador appear as central figures