Análise da sobre-reação e sub-reação nos ativos de primeira e segunda lina do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Henrique Novaes: técnica, território e cidade em uma trajetória profissional: Brasil, primeira metade do século XX

The career of civil engineer Henrique de Novaes, a remarkable figure in the academic, technical and political fields, demonstrates its extensive and relevant work across Brazil in the first half of the twentieth century. It covered from the design of water supply and sewage works, road and rail transport networks, works against drought in the Northeast, hydroelectric and harbor facilities to the urbanization planning and architectural projects, which displays a systematic and multiple production. City and territory conformed to his fields of verification, practical and above all, transformation. The search for understanding of the inclusion of a social actor in this process thus contributes to the specific analysis of the doings of Henrique de Novaes, who graduated at Polytechnic School of Rio de Janeiro in 1906. From a polymorphic activity in different scales, one tries to figure how, through academic education or professional practice, urban history in Brazil can be told or built. The introduction of technological innovations matched the purposes of planning and urban sprawl, as well as met the specifications of regulation and institutionalization of public infrastructure services at the time. The overall plans proposed by the engineer thought of the city as a whole, interconnected to the structural networks. At the same time, the knowledge of a larger physical scale the territory bounces back in the urban in a relationship of reciprocity and completeness. The objective research, therefore, tries to understand the roles played by Henrique de Novaes s works and academic education in the accomplishment of systematic modernization of Brazilian urban space and territory, recovering a little known historical figure by current historiography. It is proposed, as methodological axis, that the study of this professional career configures itself as an essential element for understanding the idea of progress embodied in the technical studies and proposals for improvements and sanitation nationwide in the first half of the twentieth century . The primary sources for the construction of this analysis were technical articles in journals of the period ( Clube de Engenharia , Viação e Revista Brasileira de Engenharia ), and technical reports, government messages, newspaper articles published at the time, autobiographical reports and the engineer s verbal communications with relatives. The work is structured in three chapters: "Biographical traces, academic education and 'technical and political' activities" illustrates the initiation into the technical, public and political environment; Chapter 2, "Technique and territory" outlines his network understanding through sanitation and transport services; Chapter 3 "Technique and City" describes the influence of polytechnics knowledge on the propositions of modernization of cities; Finally, "Final Thoughts: An Evaluation," presents an overview of the affiliations and practice of an engineer in the different scales, and its contribution to the modernization of Brazilian urban and territorial space

O (in)imaginável elefante mal-ajambrado: a questão de limites entre o Ceará e o Rio Grande do Norte e o exame da formação espacial e identitária norte-rio-grandense na Primeira República

This study s main goal is to analyze the way the limits between Ceará and Rio Grande do Norte states, the so called Grossos matter, has been associated to the norte-rio-grandense spacial and identity formation during the first republic period. Thus, a consistet number of sources: RN and CE old newspapers, as well as a república from Natal and Fortaleza and o mossoroense ; historical drafts from the historical and geographical institute associated and historical, gographical and anthropological institute of Ceará; the Ação Cível Originária de nº 6 from the supreme federal tribunal and many other cartographies. The documents haven t been hierarchized, neither accepted as proof effects, but understood as the base matter for this text composition by the deconstruction of the analyzed discusses. In order to do that the ablação or bricolagem method, without quotations marks or long quotations themselves, has been used. Along the three analyzed charpters: the two phases the litigious was found, since its beginning yet in the XVIII century until 1888 and its return within the republic proclamation, in the 1920 resolution; the development of the documental, historical and identity dispute between IHGA-CE and IHG-RN; and, at last, the political game existing between the Albuquerque Maranhão oligarchy , Manuel Pereira Reis and Rui Barbosa, explaining the intentions, silent and miths built along the time by these intellectual participations

Em nome(s) dos interesses: imaginários toponímicos do Rio Grande do Norte na Primeira República

This paper has the imaginary names as a theme, from which we aim to analyze the imaginaries and invested interests that characterized the implementation and the legitimation of the First Republic in Rio Grande do Norte (1889 1930), making the process of registering names history in that place. For the construction of our object, we studied laws and provincial, state and municipal decrees; annual messages of governors; articles of the following newspapers O Povo, A República, Diário do Natal, O Seridoense, A Notícia and Jornal das Moças; the local cartography and historiography that talk about the study of names. The use of these resources, allied to the empiric method, was driven by a theoretic methodological contribution based on the history of the political imaginary, as discussed by Cornelius Castoriadis, René Rémond, Michel de Certeau and Maria Dick. For the understanding of the imaginaries that (de)limited the spaces of Rio Grande do Norte concerning its names during the First Republic, we bring moment back to the two last imperial decades moment of cleavage between Empire and Republic essential for the fomentation of the imaginary that embodied the organization of our study. From this period, we observe, through the names of some cities, how the northern space would be aligned to the imaginary dynamic of the new political system of the nation, and it had followed to a redirection process of the giving names action, according to the interests of the family organization Albuquerque Maranhão, revealed while determining the names of cities, towns, streets, schools, buildings, etc., in thankfulness to the memory of its members. In the sequence we verified how a new dynamic of giving names helped to understand the process of political transition from the Coast to the Sertão, and at the same time affirmed the power of the political and economical seridoense elite towards the government of the state in the two last decades of the First Republic

Análise textual das representações discursivas no discurso político brasileiro: o discurso da primeira posse da presidenta Dilma Rousseff (1°/01/2011)

Cette recherche décrit la représentation discursive que la présidente Dilma Rousseff fait de soi-même, dans son discours devant le Congrès National, lors de la journée d’investiture, le 1/1/2011. Notre travail se situe dans le domaine théorique et méthodologique de la linguistique du texte et, plus spécialement, dans la perspective de l’Analyse Textuelle des Discours – ATD (ADAM, 2011 [2008a]), qui se définit comme « une théorie de la production co(n)textuelle de sens qui doit se fonder sur l’analyse de textes concrets ». Elle nous fournit la notion théorique et analytique de « représentation discursive », qui se focalise sur la dimension sémantique du texte. Nous nous appuyons, aussi, sur des travaux récents sur les représentations discursives, réalisés dans la recherche brésilienne sur l’ATD (RODRIGUES, PASSEGGI, SILVA NETO, 2010, 2012; RAMOS, 2011; OLIVEIRA, 2013; QUEIROZ, 2013; ZAMBLANO-OLIVEIRA, PASSEGGI, 2013). Les principales opérations sémantiques de construction de la représentation discursive utilisées dans notre travail sont la Référenciation et la Prédication. L’approche méthodologique est, en même temps, qualitative et quantitative, priorisant l’identification des occurrences, ainsi que la description détaillée de leurs valeurs sémantiques et textuelles. Les résultats de la recherche sont de trois ordres : méthodologique, théorique et descriptif-interprétatif. Méthodologique : nous proposons une approche que nous désignons comme « marquage textuel » (ou « mappage textuel ») qui permet de marquer (étiqueter) les valeurs sémantiques des formes linguistiques, permettant leur identification dans le flux textuel, c.-à-d., dans la dimension séquentiellecompositionnelle du texte. Théorique : nous introduisons la notion de « domaines de la représentation discursive » qui organisent et articulent les différents éléments qui composent la représentation discursive de la présidente. Quant aux résultats descriptifsinterprétatifs du discours de l’investiture, ils indiquent que la représentation discursive de la présidente se configure au moyen de différents domaines conceptuels, explicités par les référenciations et les prédications. Ils mettent en relief les désignations et les actions / états, aussi bien de la femme – domaine du genre – que de la présidente – domaine du rôle politique et institutionnel. La présidente se représente explicitement et avec emphase comme l’agent responsable par les actions exprimées par les prédications verbales (verbes d’action), consciente de l’importance de son rôle politique et social. Les prédications nominales signalent clairement une représentation discursive qui englobe les domaines conceptuels politique, moral, éthique, comportemental et émotionnel (forte, accueillante, pionnière, consolidatrice, infatigable, humble, engagée, démocrate, victorieuse et courageuse). Le discours d’investiture réalise, donc, des désignations positives de la présidente, lesquelles se situent dans un temps présent et prospectif – avec des perspectives de futur – comme leader politique du Brésil, avec une participation active dans la transformation du pays, tenant compte aussi de son histoire de vie, sa biographie de luttes. Ainsi, la description empirique et l’interprétation de ce discours particulier contribue à l’analyse textuelle des représentations discursives dans le discours politique brésilien contemporain. Elle soulève, aussi, des questions théoriques et méthodologiques qui nous semblent pertinentes pour le développement de cette aproche.

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Henrique Novaes: técnica, território e cidade em uma trajetória profissional: Brasil, primeira metade do século XX

The career of civil engineer Henrique de Novaes, a remarkable figure in the academic, technical and political fields, demonstrates its extensive and relevant work across Brazil in the first half of the twentieth century. It covered from the design of water supply and sewage works, road and rail transport networks, works against drought in the Northeast, hydroelectric and harbor facilities to the urbanization planning and architectural projects, which displays a systematic and multiple production. City and territory conformed to his fields of verification, practical and above all, transformation. The search for understanding of the inclusion of a social actor in this process thus contributes to the specific analysis of the doings of Henrique de Novaes, who graduated at Polytechnic School of Rio de Janeiro in 1906. From a polymorphic activity in different scales, one tries to figure how, through academic education or professional practice, urban history in Brazil can be told or built. The introduction of technological innovations matched the purposes of planning and urban sprawl, as well as met the specifications of regulation and institutionalization of public infrastructure services at the time. The overall plans proposed by the engineer thought of the city as a whole, interconnected to the structural networks. At the same time, the knowledge of a larger physical scale the territory bounces back in the urban in a relationship of reciprocity and completeness. The objective research, therefore, tries to understand the roles played by Henrique de Novaes s works and academic education in the accomplishment of systematic modernization of Brazilian urban space and territory, recovering a little known historical figure by current historiography. It is proposed, as methodological axis, that the study of this professional career configures itself as an essential element for understanding the idea of progress embodied in the technical studies and proposals for improvements and sanitation nationwide in the first half of the twentieth century . The primary sources for the construction of this analysis were technical articles in journals of the period ( Clube de Engenharia , Viação e Revista Brasileira de Engenharia ), and technical reports, government messages, newspaper articles published at the time, autobiographical reports and the engineer s verbal communications with relatives. The work is structured in three chapters: "Biographical traces, academic education and 'technical and political' activities" illustrates the initiation into the technical, public and political environment; Chapter 2, "Technique and territory" outlines his network understanding through sanitation and transport services; Chapter 3 "Technique and City" describes the influence of polytechnics knowledge on the propositions of modernization of cities; Finally, "Final Thoughts: An Evaluation," presents an overview of the affiliations and practice of an engineer in the different scales, and its contribution to the modernization of Brazilian urban and territorial space