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

Mens sana in corpore sano: compreensões de corpo, saúde e educação

This thesis proposes that the idea expressed in Juvenal s quotation Mens Sana in Corpore Sano, produced in the Ancient Greek-Roman civilization includes undestandings of body, heath and education that were reapropriated and reorganized by scientific and pedagogical theories in the XIX and XX centuries. These theories, especially the ones that received contributions from the biomedical sciences, have influenced Physical Education in the search of becoming a science. In order to realize this reapropriation, we have analyzed the transformations in the concepts of body, health and education produced in the area discourse, aiming at pointing out elements to the configuration of a theory that is being called Corpore Sano. The theory constitutes in possible systematization of scientific, philosophical and pedagogical concepts, and as such, an understanding of the scientific fundaments of Physical Education. The corpus of this analysis was composed by 148 articles that were published in Revista Brasileira de Ciências do Esporte digitalized in the period between 1979 and 2003 and selected according to theme: body, biology, physical activity, effort physiology and health. The analysis of the content and the referential interpretation allowed the combination of philosophical reflection with attention to the empiric field as a comprehensive dimension. Based on the corpus of the analysis it is possible to configure meta-arguments about the concepts of body, health and education in the scientific production of Physical Education. As a metaresearch. Our study did not intend to judge the analyzed production, but look for theoretical elements that may generate a reflection about the scientific rationality in Physical Education and developments in the pedagogical field and in body practices. Such a reflection might be recognized as a theory of the living body, susceptible to modifications and interrogations that are proper of knowledge and practices of Physical Education. It is a theory rejects the idea of the complete truth and holds the comprehension that the truth is built historically through relations among different kinds of knowledge and Physical Education practices

O discurso de outrem em retextualizações

This work investigates features that speakers use to introduce different voices during retextualization of a literary work. It presents events revealing different resources used, characterizing the discursive heterogeneity, recognized through various brands such as quotation marks, italics, etc. The material analyzed, ie, the corpus of this research, consists of 65 essays from the reading of a literary work - Jealous of Card, Moacyr Scliar - produced by students of the 8th year of high school while in the classroom. The data revealed that the resource most used by students was the indirect discourse, although there also occurred the use of other resources such as free indirect discourse and modalizations in fewer redactions. Notably, the autonym connotation was noted through the use of quotation marks, and the use of parentheses. The recurrence of the parentheses seem to be justified by the need to make clearer sentences that could raise questions to the reader, since the protocol request retextualization established a thirty lines of text, which would certainly limit the possibilities of expansion of the text

A educação em saúde pública na práqtica cotidiana: atuação dos cirurgiões-dentistas do PSF de Natal-RN

Considering education a support to health promotion, care integration and citizenship formation,the purpose of this research was to analyze the perception of the oral surgeons from the Family Health Program of Natal-RN over education in health as well as their performance as educators based on their activities on the program. A qualitative study was accomplished by a semi-structured interview and a Free Association of Words Test with 80 oral surgeons from the Family Health Program of Natal-RN. The instruments were analyzed through the meaning analysis and the Central Nucleus of Vergès Theory. The results showed a lack of planning in health actions so there is no standardization on the educative practices done by the oral surgeons which mostly are focused on scholars. There was an agreement among the group according to the oral surgeons´ perception about education in health that education is related to its function of recall prevention ideas to the population. Most part of the context units analyzed by the professionals´ speech show the knowledge of education in health as an inadequate behavior change instrument of the individuals. An interesting point was a quotation cited by some professionals that included actual themes such as citizenship, motivation and life quality, put inside the speech of education in health. To the oral surgeons the biggest difficulties on the development of the educative actions are due to the lack of incentive by the Municipal Health Bureau and to the detachment and lack of valorization of the themes by the population. The oral surgeons consider themselves co-responsible for the formation of a population which is able to request its health. They also mention the knowledge about the need of the community participation on the planning of the Family Health Program actions. Finally, it is notable the need for more encouragement so the oral surgeons can be more capable and have more interest in applying education in health on the perspective of a new model in health, because once capable and stimulated they can awake the population to education importance as a great transformation instrument for people searching for a fair, equalitarian and citizeness society

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