Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Estudo de adsorvente obtido de terras diatomáceas para remoção de metais pesados em águas produzidas: processamento, caracterização e dinâmica em leito fixo

The acceleration of industrial growth in recent decades on all continents aroused the interest of the companies to counter the impacts produced on the environment, spurred primarily by major disasters in the petroleum industry. In this context, the water produced is responsible for the largest volume of effluent from the production and extraction of oil and natural gas. This effluent has in its composition some critical components such as inorganic salts, heavy metals (Fe, Cu, Zn, Pb, Cd, ), presence of oil and chemicals added in the various production processes. In response to impact, have been triggered by research alternative adsorbent materials for water treatment and water produced, in order to removing oils and acids and heavy metals. Many surveys of diatomaceous earth (diatomite) in Brazil involve studies on the physico-chemical, mineral deposits, extraction, processing and applications. The official estimated Jazi are around 2.5 million tonnes, the main located in the states of Bahia (44%) and Rio Grande do Norte (37,4%). Moreover, these two states appear as large offshore producers, earning a prominent role in research of adsorbents such as diatomite for treatment of water produced. Its main applications are as an agent of filtration, adsorption of oils and greases, industrial load and thermal insulator. The objective of this work was the processing and characterization of diatomite diatomaceous earth obtained from the municipality of Macaíba-RN (known locally as tabatinga) as a low cost regenerative adsorbent for removal of heavy metals in the application of water produced treatment. In this work we adopted a methodology for batch processing, practiced by small businesses located in producing regions of Brazil. The characterization was made by X-ray diffraction (XRD), scanning electron microscopy (SEM) and specific surface area (BET). Research conducted showed that the improvement process used was effective for small volume production of diatomite concentrated. The diatomite obtained was treated by calcination at temperature of 900 oC for 2 hours, with and without fluxing Na2CO3 (4%), according to optimal results in the literature. Column adsorption experiments were conducted to percolation of the in nature, calcined and calcined fluxing diatomites. Effluent was used as a saline solution containing ions of Cu, Zn, Na, Ca and Mg simulating the composition of produced waters in the state of Rio Grande do Norte, Brazil. The breakthrough curves for simultaneous removal of copper ions and zinc as a result, 84.3% for calcined diatomite and diatomite with 97.3 % for fluxing. The calcined fluxing diatomite was more efficient permeability through the bed and removal of copper and zinc ions. The fresh diatomite had trouble with the permeability through the bed under the conditions tested, compared with the other obtained diatomite. The results are presented as promising for application in the petroleum industry

Sistema inteligente para apoio à decisão na operação de uma malha de escoamento de petróleo

The petroleum production pipeline networks are inherently complex, usually decentralized systems. Strict operational constraints are applied in order to prevent serious problems like environmental disasters or production losses. This paper describes an intelligent system to support decisions in the operation of these networks, proposing a staggering for the pumps of transfer stations that compose them. The intelligent system is formed by blocks which interconnect to process the information and generate the suggestions to the operator. The main block of the system uses fuzzy logic to provide a control based on rules, which incorporate knowledge from experts. Tests performed in the simulation environment provided good results, indicating the applicability of the system in a real oil production environment. The use of the stagger proposed by the system allows a prioritization of the transfer in the network and a flow programming

Obtenção de placas cerâmico a partir de formulações de massas triaxiais de resíduos de caulim, chamote de telha e cinza vegetal

The production of red ceramic is an industrial activity that causes an intense impact. The manufacture of its products considerably increases the demand for natural resources, mainly with the extraction of raw material. The ceramic material produced generates waste, such as ash firewood and chamote. The residue from the beneficiation of kaolin is deposited in a poor, degrades the environment and contaminate water sources and soil, constituting in this manner, ecological disasters. The main objective of this work is to develop the formulation of a ceramic product consisting solely of industrial solid wastes, from ceramic tiles, (chamote) residue of kaolin and ash firewood. It is assumed that this product made in the laboratory can be used in coatings, wall and floor. The aim is to facilitate the replacement of the raw material of original composition of a ceramic body, for waste, while the process of production equal to the conventionally used, so that the properties of the product are reproduced. This work is characterized waste as its chemical composition, analysis of particle size, X-ray diffraction and thermal behavior. Several formulations were studied. The mass of waste was prepared by dry process, pressed to 25 MPa, and then burned in muffle type oven to 850, 950, 1050 and 1150 °C. The results showed that it is technically possible to produce porous tiles only with waste. It was found that the formulations of bodies play a key role in the properties of the final product, as well as the sintering temperature and heating rates. RN in the waste of kaolin is estimated at 15,000 t/month, about 3,000 gray t/month and chamote with 10 million pieces/month damaged. The presence of carbonates of calcium and magnesium at 1050 ° C results in an appropriate porosity and mechanical strength. The formulation M3JE, composed of 69% waste of kaolin, 7.7% and 23.3% of chamote of gray, became suitable for porous materials with the strength and absorption within the level of national and international standards

Mídia impressa e meio ambiente: um estudo da cobertura da mortandade de peixes no estuário do Rio Potengi, Natal-RN

Environmental issues are becoming increasingly habitual to the media, particularly when calamities are involved. A feature of environmental disasters is that they disclose both environmental crises and the media limitation in reporting them. The research tried to contribute to the subject through the study of press media coverage of a large fish kill along an estuary in the State of Rio Grande do Norte, Brazil, in 2007. Thematic content analysis of newspaper reports identified the predominance of a superficial and denunciative coverage, lacking an educational perspective, and with little contribution to formation of a critical sense in readers. It also has identified the precarious treatment of those scientific concepts that could substantiate the actual causes of mortality of tons of aquatic fauna

Classificador neural híbrido para imagens obtidas por sensoriamento remoto

Remote sensing is one technology of extreme importance, allowing capture of data from the Earth's surface that are used with various purposes, including, environmental monitoring, tracking usage of natural resources, geological prospecting and monitoring of disasters. One of the main applications of remote sensing is the generation of thematic maps and subsequent survey of areas from images generated by orbital or sub-orbital sensors. Pattern classification methods are used in the implementation of computational routines to automate this activity. Artificial neural networks present themselves as viable alternatives to traditional statistical classifiers, mainly for applications whose data show high dimensionality as those from hyperspectral sensors. This work main goal is to develop a classiffier based on neural networks radial basis function and Growing Neural Gas, which presents some advantages over using individual neural networks. The main idea is to use Growing Neural Gas's incremental characteristics to determine the radial basis function network's quantity and choice of centers in order to obtain a highly effective classiffier. To demonstrate the performance of the classiffier three studies case are presented along with the results.

Entre rios e ruas: água, açude e tragédia em uma cidade do agreste potiguar (Santa Cruz, 1º de abril de 1981)

On the evening of April 1, 1981, the city of Santa Cruz was taken by a flood that destroyed the spillway weir Santa Cruz and much of the city, causing the population of the lower areas to abandon their homes. Residences and closest to the dam, the river and the creek Trairi Sin streets were totally affected, and many of the houses and public buildings completely destroyed. Located in the state of Rio Grande do Norte, the city of Santa Cruz is marked by a very hot climate and semi-arid. With an average normal rainfall of 498.7 mm per year, the city is affected by drought since the beginning of its foundation, around the year 1831. For its development had continued, it was necessary that the population actualize various environmental interventions Nature, especially as regards the storage and distribution of water. Considering the process of occupying the space in question, as well as the relationships that human groups have with the natural environment, we aim to analyze how human interventions affect the environment around them, modifying it to meet their needs and interests. Thus, we intend to understand how media coverage enabled the construction of a framework of tragedy. We intend to observe how the occupation of Santa Cruz led to the modification of their surroundings, trying to discuss the effects of human intervention on natural disasters. Among the research sources include newspapers A República, Diário de Natal, Tribuna do Norte, O Poti and Folha de São Paulo, as well as interviews with the then mayor of Santa Cruz, Hildebrando Teixeira de Souza, and with the couple José Henrique de Pontes and Severina Aguida de Pontes, whose house was hit by the flood. We will also take messages from the state government, the minutes of the city council of Santa Cruz and reports produced by DNOCS on the construction of the weir and its survey after the flood.

Vulnerabilidade socioambiental no bairro de Mãe Luíza, Natal – RN/Brasil

This work has as object the elaboration of social environmental indicator of disaster risk that are present in precarious areas of human occupation, related to intense environmental dynamic from the perspective of the studies about the subject in Geography. The District of Mãe Luiza in Natal, capital city of Rio Grande do Norte, was defined as the study area. The place was chosen because it presents –historically- several vulnerability conditions and exposure to disaster risk. After a local social environmental description, two indexes were elaborated: the Social Vulnerability Index (SVI or IVS in Portuguese), based on 17 (seventeen) variables arranged on a questionnaire addressed to the population nucleus of the district, on regular grid (systematic sampling), classified into 5 (five) levels of SV from the weighted average; and the Physical and Natural Exposure to the Mass Movements Index (EMMI or IEMM in Portuguese) which had 16 (sixteen) variables that feature conditions of exposure to the mass movements in the district with classified levels from the weighted average of 1 (one) to 5 (five). The relationship between these two results, specialized in the district map, produced the Social Environmental Vulnerability Index (SEVI or IVSA in Portuguese) of Mãe Luiza, also classified into 5 (five) levels, following the Boolean logic correlation for cartographic overlay with use of computer software ArcGIS v.9.3, being named as: Very Low; low; average; high; and Very High Environmental Vulnerability in District. The study is based on the methodology proposed by Guerra et al (2009) for EMMI and by Almeida (2010) for SVI. They were modified and adapted according to the local reality, producing a new methodology in this study area. It was concluded that the neighborhood has most of its area with High and Very High Socio-environmental vulnerability to disasters, defined seven (7) critical areas, with Very High IVSA, and hazards associated with mass movements or flooding. In the end, the main issues that were found, such as generating elements for proposing mitigation measures and/or the proposed interventions were enumerated, related to structural order of vulnerability factors: how low constructive pattern of households; poor urban drainage; Real Estate forsaken in landslide routes; infrastructure ready access roads and slope containment. And social: as a lack of education about environmental risk; income and education of residents; presence of persons with limited mobility and/or those with special needs. This reality highlights the need for urgent action applied to the resolution and/or reduction of these problems, which is focusing the end of this work.

Foraminíferos como ferramenta de estudo na geologia ambiental do estuário do Rio Potengi e da plataforma interna, RN, Brasil

The Potengi River estuary has been affected by various anthropogenic factors over the years, as periodic dredging, industrial and domestic waste, traffic and other factors, causing various environmental disasters, including the notorious ecological accident in July 2007, which covered the municipalities of São Gonçalo do Amarante, Macaíba and Natal. Foraminifera serve as viable study tools in these environments; they are able to identify ecologically stressed environments, pointing out hydrographic changes and depositional environments in estuaries. The necessity to check the differences in environmental gradients in places anthropically impacted in Potengi River and adjacent inner shelf through species of foraminifera, and, the responses of these organisms to physical, chemical and geological factors is to provide baseline in the diagnosis of environments. The results show the dominance of opportunistic Ammonia tepida, Bolivina striatula, Quinqueloculina patagonica and Q. miletti especially in regions close to shrimp farms and Baldo Channel sewage in fine grain environments; and Q. lamarckiana indicates penetration of the saline waters in Potengi River. The occurrence of low-salinity tolerant foraminiferal species typical of mangrove environments as Trochammina inflata and T. squamata in Potengi River Channel suggest they probably could have been transported from mangrove area near the Potengi river mouth to the inner shelf regions. These findings suggest Potengi River is able to export mixohaline and mangrove organisms to inner shelf. Two distinct environments were observed, the outermost area is more influenced by marine influence and the innermost area is less influenced. Calcareous and agglutinated species dominate Potengi River, while mouth and inner shelf areas are dominated by calcareous, agglutinated and porcelaneous species, which are typical of highly saline and hydrodynamic environments and the contributive factors that controls foraminiferal distribution were balance of marine and freshwater currents, grain size, availability of CaCO3 and organic matter.

Foraminíferos como ferramenta de estudo na geologia ambiental do estuário do Rio Potengi e da plataforma interna, RN, Brasil

The Potengi River estuary has been affected by various anthropogenic factors over the years, as periodic dredging, industrial and domestic waste, traffic and other factors, causing various environmental disasters, including the notorious ecological accident in July 2007, which covered the municipalities of São Gonçalo do Amarante, Macaíba and Natal. Foraminifera serve as viable study tools in these environments; they are able to identify ecologically stressed environments, pointing out hydrographic changes and depositional environments in estuaries. The necessity to check the differences in environmental gradients in places anthropically impacted in Potengi River and adjacent inner shelf through species of foraminifera, and, the responses of these organisms to physical, chemical and geological factors is to provide baseline in the diagnosis of environments. The results show the dominance of opportunistic Ammonia tepida, Bolivina striatula, Quinqueloculina patagonica and Q. miletti especially in regions close to shrimp farms and Baldo Channel sewage in fine grain environments; and Q. lamarckiana indicates penetration of the saline waters in Potengi River. The occurrence of low-salinity tolerant foraminiferal species typical of mangrove environments as Trochammina inflata and T. squamata in Potengi River Channel suggest they probably could have been transported from mangrove area near the Potengi river mouth to the inner shelf regions. These findings suggest Potengi River is able to export mixohaline and mangrove organisms to inner shelf. Two distinct environments were observed, the outermost area is more influenced by marine influence and the innermost area is less influenced. Calcareous and agglutinated species dominate Potengi River, while mouth and inner shelf areas are dominated by calcareous, agglutinated and porcelaneous species, which are typical of highly saline and hydrodynamic environments and the contributive factors that controls foraminiferal distribution were balance of marine and freshwater currents, grain size, availability of CaCO3 and organic matter.

Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Estudo de adsorvente obtido de terras diatomáceas para remoção de metais pesados em águas produzidas: processamento, caracterização e dinâmica em leito fixo

The acceleration of industrial growth in recent decades on all continents aroused the interest of the companies to counter the impacts produced on the environment, spurred primarily by major disasters in the petroleum industry. In this context, the water produced is responsible for the largest volume of effluent from the production and extraction of oil and natural gas. This effluent has in its composition some critical components such as inorganic salts, heavy metals (Fe, Cu, Zn, Pb, Cd, ), presence of oil and chemicals added in the various production processes. In response to impact, have been triggered by research alternative adsorbent materials for water treatment and water produced, in order to removing oils and acids and heavy metals. Many surveys of diatomaceous earth (diatomite) in Brazil involve studies on the physico-chemical, mineral deposits, extraction, processing and applications. The official estimated Jazi are around 2.5 million tonnes, the main located in the states of Bahia (44%) and Rio Grande do Norte (37,4%). Moreover, these two states appear as large offshore producers, earning a prominent role in research of adsorbents such as diatomite for treatment of water produced. Its main applications are as an agent of filtration, adsorption of oils and greases, industrial load and thermal insulator. The objective of this work was the processing and characterization of diatomite diatomaceous earth obtained from the municipality of Macaíba-RN (known locally as tabatinga) as a low cost regenerative adsorbent for removal of heavy metals in the application of water produced treatment. In this work we adopted a methodology for batch processing, practiced by small businesses located in producing regions of Brazil. The characterization was made by X-ray diffraction (XRD), scanning electron microscopy (SEM) and specific surface area (BET). Research conducted showed that the improvement process used was effective for small volume production of diatomite concentrated. The diatomite obtained was treated by calcination at temperature of 900 oC for 2 hours, with and without fluxing Na2CO3 (4%), according to optimal results in the literature. Column adsorption experiments were conducted to percolation of the in nature, calcined and calcined fluxing diatomites. Effluent was used as a saline solution containing ions of Cu, Zn, Na, Ca and Mg simulating the composition of produced waters in the state of Rio Grande do Norte, Brazil. The breakthrough curves for simultaneous removal of copper ions and zinc as a result, 84.3% for calcined diatomite and diatomite with 97.3 % for fluxing. The calcined fluxing diatomite was more efficient permeability through the bed and removal of copper and zinc ions. The fresh diatomite had trouble with the permeability through the bed under the conditions tested, compared with the other obtained diatomite. The results are presented as promising for application in the petroleum industry

Sistema inteligente para apoio à decisão na operação de uma malha de escoamento de petróleo

The petroleum production pipeline networks are inherently complex, usually decentralized systems. Strict operational constraints are applied in order to prevent serious problems like environmental disasters or production losses. This paper describes an intelligent system to support decisions in the operation of these networks, proposing a staggering for the pumps of transfer stations that compose them. The intelligent system is formed by blocks which interconnect to process the information and generate the suggestions to the operator. The main block of the system uses fuzzy logic to provide a control based on rules, which incorporate knowledge from experts. Tests performed in the simulation environment provided good results, indicating the applicability of the system in a real oil production environment. The use of the stagger proposed by the system allows a prioritization of the transfer in the network and a flow programming