análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios

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

Análise comparativa entre simuladores de linha de fluxo e diferenças finitas para um reservatório de petróleo submetido a injeção de água

Water injection is the most widely used method for supplementary recovery in many oil fields due to various reasons, like the fact that water is an effective displacing agent of low viscosity oils, the water injection projects are relatively simple to establish and the water availability at a relatively low cost. For design of water injection projects is necessary to do reservoir studies in order to define the various parameters needed to increase the effectiveness of the method. For this kind of study can be used several mathematical models classified into two general categories: analytical or numerical. The present work aims to do a comparative analysis between the results presented by flow lines simulator and conventional finite differences simulator; both types of simulators are based on numerical methods designed to model light oil reservoirs subjected to water injection. Therefore, it was defined two reservoir models: the first one was a heterogeneous model whose petrophysical properties vary along the reservoir and the other one was created using average petrophysical properties obtained from the first model. Comparisons were done considering that the results of these two models were always in the same operational conditions. Then some rock and fluid parameters have been changed in both models and again the results were compared. From the factorial design, that was done to study the sensitivity analysis of reservoir parameters, a few cases were chosen to study the role of water injection rate and the vertical position of wells perforations in production forecast. It was observed that the results from the two simulators are quite similar in most of the cases; differences were found only in those cases where there was an increase in gas solubility ratio of the model. Thus, it was concluded that in flow simulation of reservoirs analogous of those now studied, mainly when the gas solubility ratio is low, the conventional finite differences simulator may be replaced by flow lines simulator the production forecast is compatible but the computational processing time is lower.

Análise das emissões atmosféricas por veículos automotores em Natal-RN

The fast urban occupation of Brazil, mainly from the last decade of 50, a sensible degradation of the quality of the air generated mainly for the activities was verified human beings associates to industrialization. From the past years, the situation has gotten worst in function of the increment of the fleet of vehicles in circulation in the great cities. Being these, in the city of Natal-RN, the ones that offer the biggest contributions to the atmospheric pollution. For atmospheric air to be a finite natural resources, indispensable and essential to the maintenance of the life in the land, is necessary to the implementation of action to improve its quality and to protect the health of the population. With the objective to study relative aspects to the characteristics of vehicles in use, the present study it searchs to analyze the levels of emissions of gases generated for vehicles converted bi-fuels into the modalities: natural gas (GNV), gasoline and alcohol, inspected for ends of register and together licensing to the State Department of Transit. One used the data gotten from inspections carried through for the company System Specialized in Inspection To propagate, in the city of the Natal-RN, capital of the State of Rio Grande do Norte, between 14 of November of 2003 and 30 of December of 2004. The analyzed parameters are established in the resolution nº 07/93 CONAMA. Of a total of 1.517 inspected vehicles, a average of 15,2% of failed was gotten, or either, that they emit levels of pollution above of the limits established for the legislation, below of the national average that is of 20,0%. The analysis of the data discloses that 7.3% of the fleet are converted the GNV; the growth of vehicles converted the GNV into the city is gradual, with a average of increment in last the 4 years of 23,3%; it has a vehicle predominance that has as combustible original to the gasoline (88,2%); the inspected fleet has average age of 8 years of use, considered young for the Brazilian standards, except for the moved one to the alcohol (average of use of 15 years). Moreover, the type of fuel is not the main parameter to define the indices of emissions; the age of the fleet is the parameter most important when emission is analyzed to propagate; the gas that more generates failed in the inspections is the corrected carbon monoxide; the vehicles generate higher indices of emissions in idling for all the fuels; the presence of the catalyser was not reflected, as it expected, in the reduction of emissions of gases toxic, however when analyzed according to year of manufacture, it was observed that for the vehicles manufactured between 1997 and 2004, reduction of 46,0% in the failed of the vehicles equipped with catalyser was gotten. In conclusion, the fleet of the studied sample, in average terms, takes care of to the requirements of Resolution CONAMA nº 07/93. The results gotten for the present study can subsidize action of public administrations that aim at to the improvement and the maintenance of the quality of air in the city of Natal-RN, as, for example, to implant a net of monitoramento of the quality of air

Limonologia e qualidade ambiental de um corpo lêntico receptor de efluentes tratados da indústria de petróleo

Environmental pollution has become a subject of public interest throughout the world. Not only have developed countries been affected by environmental problems but also the developing nations have started to suffer from the serious impacts of pollution. Within this context it is necessary to collect simplified environmental data to assist in the management of water resources by the appropriate authorities. These data are obtained through an environmental index that allows a space-time comparison of points distributed in the same aquatic body, or between different water bodies, for physico-chemical and bacteriological parameters. The aim of this present study was to determine the environmental status of the Lagoa de Baixo at Guamaré/RN, where a production unit of PETROBRAS RN/CE is located. For this purpose the Water Quality Index (WQI) was used in both an add and multiply form, the Trophic State Index (TSI) and the Environmental Quality Quotient (EQQ), as well as determining the concentrations of metals. The average values obtained for the WQI, in its two forms were 68,67 and 62,76 respectively which were inside the good qualification. According to the TSI the lagoon showed characteristics of a middle trophic state, and an impact level of regular as determined by the EQQ

Avaliação muscular respiratória: adaptação do mano vacuômetro nacional para a avaliação da pressão inspiratória nasal e nível de intensidade da ventilação voluntária máxima em sujeitos saudáveis

The clinical importance of evaluating the respiratory muscles with a variety of tests has been proposed by several studies, once that the combination of several tests would allow a better diagnosis and therefore, a better clinical follow of disorders of the respiratory muscles. This study aimed to evaluate the feasibility of adapting a national electronic manovacuometer to measure the nasal inspiratory pressure (study 1) and analyze the level of load intensity of maximum voluntary ventilation, as well as the variables that may influence this maneuver in healthy subjects (study 2). We studied 20 healthy subjects by a random evaluation of two measures of SNIP in different equipments: a national and an imported. In study 2 it was analyzed the intensity of the load of MVV test, change in pressure developed during the maneuver, the possible differences between genders, and the correlations between the flow developed in the test and the result of MVV. In study 1 it was found the average for both measures of nasal inspiratory pressures: 125 ± 42.4 cmH2O for the imported equipment and 131.7 ± 28.7 cmH2O for the national one. Pearson analysis showed a significant correlation between the average, with a coefficient r = 0.63. The average values showed no significant differences evaluated by paired t test (p> 0.05). In the Bland-Altman analysis it was found a BIAS = 7 cmH2O, SD 32.9 and a confidence interval of - 57.5 cmH2O up to 71.5 cmH2O. In the second study it was found significant differences between the genders in the air volume moved, being higher in males 150.9 ± 13.1 l / min vs 118.5 ± 15.7 L / min for (p = 0.0002, 95% CI 44.85 to 20:05). Regarding the inspiratory and expiratory loading, they were significantly higher in men than in women, peak inspiratory pressure (34.7 ± 5.3 cmH2O vs 19.5 ± 4.2 cmH2O, 95% CI - 18.0 to -12.3, p <0.0001), peak expiratory (33.8 vs. 23.1 ± 5.9 cmH2O ± 5.4 cmH2O, 95% CI -17.1 to - 4.6, p <0.0001), and the delta pressure (59.7 ± 10 cmH2O vs 36.8 ± 8.3 cmH2O, 95% CI 14.5 to 31.2, p <0.0002). The Pearson correlation showed that the flow generated by the maneuver is strongly correlated with the delta-expiratory pressure / inspiratory (r2= 0.83,R = 0.91, 95%IC 0.72 a 0.97 e p< 0.0001).Through these results we suggest that the national electronic manovacuometer is feasible and safe to perform the sniff test in healthy subjects. For the MVV, there are differences between the genders in the intensity of pressure developed during the maneuver. We found a load intensity considered low during the MVV, and found a strong correlation between the flow generated in the test and the delta pressure expiratory / inspiratory

Medida da preditividade de instrumentos psicológicos nas avaliações psicológicas de condutores

The object of this study was to identify the possibility of predicting the involvement in traffic infractions from the results of the psychological tests carried out by psychologists specialized in the process of driver licensing in the state of Rio Grande do Norte (RN). The proposal consisted in identifying the penalty points recorded in national driving licenses (CNH) and identifying the corresponding tests and scores obtained, verifying if the average scores in the tests of drivers with and without an infraction record were significantly different and if there is any relation between the test scores and the frequency of the infractions. The results of the psychological instruments were collected in two moments the first being in the act of acquisition of the CNH and the second being during license renewal at the only certified clinic and at the DETRAN-RN. A population of 839 drivers of 14 municipalities were identified. 127 protocols of psychological tests were identified in the records of the DETRAN-RN (2002) and 76 at the clinic (2007), pointing out failures in the process of safekeeping of the psychological material, as well as in its retrieval from the record files. The sample was thus reduced to 68 drivers, all male, with age range between 18 and 41 years old, mean of 21,72 years old (DP = 5,24). 54 drivers were identified without a record of infraction, and 14 with a record. The latter committed 29 infractions. The penalty points recorded in their CNH ranged from 0 to 35 and the typical value of points (median) was zero. In the group with a record of infractions the number of points ranged between 3 and 35, mean of 10,79 (DP = 7,73). Differences were observed in the composition of the battery of tests in the two moments with the same subjects. The use of different tests to assess the same construct of the subject, first and second moment of assessment, did not allow for some analyzes with more efficient statistical proof. It was pointed out that five tests were not carried out and 118 were not corrected/analyzed. Significant differences between the groups were not identified with the psychological instruments used. In another attempt to establish differences between the means, the application of the independent t-Test evidenced a significant difference in the scores of the instruments of concentrated attention in 2002 (t = 2,21, gl = 25, p = 0.037) and of diffuse attention in 2002 (t = 2,37, gl = 24, p = 0.026). The results also did not evidence significant correlation between the scores of the tests and the penalty points of the infractions. Based on this study, it cannot be concluded with precision that the high or low scores are good criteria to determine that a driver will commit more or less traffic infractions, nor that the drivers with higher scores in the tests commit less infractions and vice-versa. Furthermore, the problems to find the instruments and the most basic data require a stronger monitoring on the part of the certified clinic and of the DETRAN-RN.

Caracterização geomorfológica e modelagem de dados espaciais na plataforma continental rasa do RN nos limites da folha Touros

This work focuses the geomorphological characterization and spatial data modeling in the shallow continental shelf within the Folha Touros limits (SB-25-CV-II), based on bathymetric data analysis and remote sensing products interpretation. The Rio Grande do Norte state is located in northeastern Brazil and the work area is located at the transition region between the eastern and northern portions of their coast. The bathymetric surveys were conduced between march and may 2009, using a 10 meters long vessel and 0.70 meters draught, equipped with global positioning system and echo sounder (dual beam, 200KHz , 14°). The fieldwork resulted in 44 bathymetric profiles espaced 1.5 km and 30 km average length. The bathymetric data amount were 111,200 points and were navigated 1395.7 km within na area about 1,850 km2. The bathymetric data were corrected for the tide level, vessel draught and were subsequently entered into a geographic information system for further processing. Analysis of remote sensing products was carried out using Landsat 7/ETM + band 1, from november 1999. The image was used for visualization and mapping submerged features. The results showed the presence of geomorphological features within the study area. Were observed, from the analysis of local bathymetry and satellite image, seven types of geomorphological features. The channels, with two longitudinals channels (e. g. San Roque and Cioba channels) and other perpendicular to the coast (e. g. Touros, Pititinga and Barretas). Coastal reef formations (Maracajaú, Rio do Fogo and Cioba). Longitudinal waves, described in the literature as longitudinal dunes. The occurrence of a transverse dune field. Another feature observed was the oceanic reefs, an rock alignment parallel to the coast. Were identified four riscas , from north to south: risca do Liso, Gameleira, Zumbi, Pititinga (the latter being described for the first time). Finally, an oceanic terrace was observed in the deepest area of study. Image interpretation corroborated with the in situ results, enabling visualization and description for all features in the region. The results were analysed in an integrating method (using the diferent methodologies applied in this work) and it was essential to describe all features in the area. This method allowed us to evaluate which methods generated better results to describe certain features. From these results was possible to prove the existence of submerged features in the eastern shallow continental shelf of Rio Grande do Norte. In this way, the conclusions was (1) this study contributed to the provision of new information about the area in question, particularly with regard to data collection in situ depths, (2) the method of data collection and interpretation proves to be effective because, through this, it was possible to visualize and interpret the features present in the study area and (3) the interpretation and discussion of results in an integrated method, using different methodologies, can provide better results