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

Teoria de carteiras e a alocação de parques eólicos offshore

The consumption of energy on the planet is currently based on fossil fuels. They are responsible for adverse effects on the environment. Renewables propose solutions for this scenario, but must face issues related to the capacity of the power supply. Wind energy offshore emerging as a promising alternative. The speed and stability are greater winds over oceans, but the variability of these may cause inconvenience to the generation of electric power fluctuations. To reduce this, a combination of wind farms geographically distributed was proposed. The greater the distance between them, the lower the correlation between the wind velocity, increasing the likelihood that together achieve more stable power system with less fluctuations in power generation. The efficient use of production capacity of the wind park however, depends on their distribution in marine environments. The objective of this research was to analyze the optimal allocation of wind farms offshore on the east coast of the U.S. by Modern Portfolio Theory. The Modern Portfolio Theory was used so that the process of building portfolios of wind energy offshore contemplate the particularity of intermittency of wind, through calculations of return and risk of the production of wind farms. The research was conducted with 25.934 observations of energy produced by wind farms 11 hypothetical offshore, from the installation of 01 simulated ocean turbine with a capacity of 5 MW. The data show hourly time resolution and covers the period between January 1, 1998 until December 31, 2002. Through the Matlab R software, six were calculated minimum variance portfolios, each for a period of time distinct. Given the inequality of the variability of wind over time, set up four strategies rebalancing to evaluate the performance of the related portfolios, which enabled us to identify the most beneficial to the stability of the wind energy production offshore. The results showed that the production of wind energy for 1998, 1999, 2000 and 2001 should be considered by the portfolio weights calculated for the same periods, respectively. Energy data for 2002 should use the weights derived from the portfolio calculated in the previous time period. Finally, the production of wind energy in the period 1998-2002 should also be weighted by 1/11. It follows therefore that the portfolios found failed to show reduced levels of variability when compared to the individual production of wind farms hypothetical offshore

Análise das emissões gasosas de um veículo flex funcionando com diferentes combustíveis

Efforts in research and development of new technologies to reduce emission levels of pollutant gases in the atmosphere has intensified in the last decades. In this context, it can be highlighted the modern systems of electronic engine management, new automotive catalysts and the use of renewable fuels which contributes to reduce the environmental impact. The purpose of this study was a comparative analysis of gas emissions from a automotive vehicle, operating with different fuels: natural gas, AEHC or gasoline. To execute the experimental tests, a flex vehicle was installed on a chassis dynamometer equipped with a gas analyzer and other complementary accessories according to the standard guidelines of emission and security procedures. Tests were performed according to NBR 6601 and NBR 7024, which define the urban and road driving cycle, respectively. Besides the analysis of exhaust gases in the discharge tube, before and after the catalyst, using the suction probe of the gas analyzer to simulate the vehicle in urban and road traffic, were performed tests of fuel characterization. Final results were conclusive in indicating leaded gasoline as the fuel which most contributed with pollutant emissions in atmosphere and the usual gasoline being the fuel which less contributed with pollutant emissions in atmosphere

Desempenho de um veículo flex em bancada dinamométrica de chassi

Flex-fuel vehicles are equipped with Otto Cycle internal combustion engines and have the capability of functioning with more than one type of fuel, mixed at the same tank and burned in the combustion chamber simultaneously. This sort of motorization is a world pattern due to the scarcity of petroleum, the trade of several types of fuels, technology advances and the restriction imposed to gas emissions to the atmosphere. In Brazil, the Flexfuel vehicles are a reality, specially the ones using fuel with 20 to 25% anhydrous alcohol mixed with gasoline and those that use natural gas or original liquid fuel (gasoline or hydrated ethanol). The Brazilian model Fiat Siena, the object of this present scientific investigation, is equipped with a unique electronic central capable of managing the liquid or gaseous fuels. The purpose of this research was to perform a comparative analysis in terms of performance (in terms of both potency and consumption) of a tetra-fuel vehicle - using a chassis dynamometer, operating with different fuels: common gasoline, premium gasoline, Podium gasoline, ethanol or natural gas. It became necessary to develop a bench of tests and trials procedures, as well as to know the functioning of the electronic management of the vehicle under analysis. The experiments were performed at the automotive laboratory in CTGAS-ER (Center of Gas Technologies and Renewable energies) at the light of Brazilian standard ABNT, NBR 7024: Light on-road vehicles - measurement of fuel consumption. The essay results on specific fuel consumption using common gasoline, premium gasoline and Podium gasoline have shown similar results, both for urban and road driving cycles

Análise da lubricidade do biodiesel brasileiro de ésteres etílicos de soja e girassol

Fuel is a material used to produce heat or power by burning, and lubricity is the capacity for reducing friction. The aim of this work is evaluate the lubricity of eight fossil and renewable fuels used in Diesel engines, by means of a HFRR tester, following the ASTM D 6079-04 Standard. In this conception, a sphere of AISI 52100 steel (diameter of 6,000,05 mm, Ra 0,050,005 μm, E = 210 GPa, HRC 624, HV0,2 63147) is submitted to a reciprocating motion under a normal load of 2 N and 50 Hz frequency to promote a wear track length of 1.10.1mm in a plan disc of AISI 52100 steel (HV0,05 18410, Ra 0,020,005 μm). The testing extent time was 75 minutes, 225,000 cycles. Each one test was repeated six times to furnish the results, by means of intrinsic signatures from the signals of the lubricant film percentage, friction coefficient, contact heating, Sound Pressure Level, SPL [dB]. These signal signatures were obtained by two thermocouples and a portable decibelmeter coupled to a data acquisition system and to the HFRR system. The wettability of droplet of the diesel fuel in thermal equilibrium on a horizontal surface of a virgin plan disc of 52100 steel, Ra 0,02  0,005 μm, were measured by its contact angle of 7,0  3,5o, while the results obtained for the biodiesel B5, B20 and B100 blends originated by the ethylic transesterification of soybean oil were, respectively, 7,5  3,5o, 13,5  3,5o e 19,0  1,0o; for the distilled water, 78,0  6,0o; the biodiesel B5, B20 and B100 blends originated by the ethylic transesterification of sunflower oil were, respectively, 7,0  4,0o, 8,5  4,5o e 19,5  2,5o. Different thickness of lubricant film were formed and measured by their percentage by means of the contact resistance technique, suggesting several regimes, since the boundary until the hydrodynamic lubrication. All oils analyzed in this study promoted the ball wear scars with diameters smaller than 400 μm. The lowest values were observed in the scar balls lubricated by mixtures B100, B20 and B5 of sunflower and B20 and B5 of soybean oils (WSD < 215 μm)

Viabilidade do uso de secadores solar de convecção natural e forçada para a secagem do coco Licuri

Licuri is a palm tree from the semiarid regions of Bahia State, Brazil. It is an important source of food and feed in that region, since their nuts are commonly eaten by humans and used as maize substitute for poultry feeding. The aim of this dissertation is to study the feasibility for use of natural convection solar dryers and forced being compared with the traditional drying outdoors for drying coconut licuri Syagrus coronate. The study led to the construction of two prototype solar dryer for carrying out experiments proving: model Solar Drying System Direct Exposure to Natural Convection built with wood, has a drying chamber with direct cover transparent glass laminates 4 mm, using techniques for proper isolation of the drying chamber. The two prototypes were comparatively analyzed for performance and drying efficiency with traditional extractive use by the community. Were evaluated the variables: time and drying rates and quality of the final samples of coconut licuri. The fruits were harvested and brought the town of Ouricuri, in the city of Caldeirão Grande, BA for the experiments comparing the three methods of drying was used a standard load of 4.0 kg The quantitative analysis for the result of the drying rate was found in 74% yield and 44% for natural and forced convection respectively compared with the traditional drying. These drying rates represent variation 3-5 times lower. Drying using forced convection licuri showed better quality, was found in a reddish pulp, representing the quantities that were kept of the nutrient beta carotene, and not notice the flavor change from the previous system, the final cost of construction of this system were higher . The prototypes built competitive advantage and had testified fully to resolve the technical difficulties previously encountered in the production of products made of coconut licuri. Allowing add value and increase their potential use for the fruit extractive communities of semi-arid region of Bahia

Obtenção e caracterização de um compósito de poliuretano de mamona e pó de vidro para aplicações em insolantes térmicos

Thermal insulation is used to protect the heated or cooled surfaces by the low thermal conductivity materials. The rigid ricin polyurethane foams (PURM) are used for thermal insulation and depend on the type and concentration of blowing agent. Obtaining PURM occurs by the use of polyol, silicone, catalyst and blowing agent are pre -mixed, reacting with the isocyanate. The glass is reusable, returnable and recyclable heat insulating material, whose time of heat dissipation determines the degree of relaxation of its structure; and viscosity determines the conditions for fusion, operating temperatures, annealing, etc. The production of PURM composites with waste glass powder (PV) represents economical and renewable actions of manufacturing of thermal insulating materials. Based on these aspects, the study aimed to produce and characterize the PURM composites with PV, whose the mass percentages were 5, 10, 20, 30, 40 and 50 wt%. PURM was obtained commercially, while the PV was recycled from the tailings of the stoning process of a glassmaking; when the refining process was applied to obtain micrometer particles. The PURM + PV composites were studied taking into account the standard sample of pure PURM and the influence of the percentage of PV in this PURM matrix. The results of the chemical, physical and morphological characterization were discussed taking into account the difference in the microstructural morphology of the PURM+PV composites and the pure PURM, as well the results of the physicochemical, mechanical e thermophysical tests by values obtained of density, hardness, compressive strength, specific heat, thermal conductivity and diffusivity. In general, the structure of pure PURM showed large, elongated and regular pores, while PURM+PV composites showed irregular, small and rounded pores with shapeless cells. This may have contributed to reducing their mechanical strength, especially for PURM - PV50. The hardness and density were found to have a proportional relationship with the PV content on PURM matrix. The specific heat, thermal diffusivity and thermal conductivity showed proportional relationship to each other. So, this has been realized that the increasing the PV content on PURM matrix resulted in the rise of diffusivity and thermal conductivity and the decrease of the specific heat. However, the values obtained by the PURM composites were similar the values of pure PURM, mainly the PURM-PV5 and PURM-PV10. Therefore, these composites can be applied like thermal insulator; furthermore, their use could reduce the production costs and to preserve the environment