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

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

Desempenho de analistas sell-side no mercado de ações brasileiro

The purpose of this study was to analyze the behavior of Sell-Side analysts and analysts propose a classification, considering the performance of the price forecasts and recom- mendations (sell-hold-buy) in the Brazilian stock market. For this, the first step was to analyze the consensus of analysts to understand the importance of this collective interven- tion in the market; the second was to analyze the analysts individually to understand how improve their analysis in time. Third was to understand how are the main methods of ranking used in markets. Finally, propose a form of classification that reflects the previous aspects discussed. To investigate the hypotheses proposed in the study were used linear models for panel to capture elements in time. The data of price forecasts and analyst recommendations individually and consensus, in the period 2005-2013 were obtained from Bloomberg R ○ . The main results were: (i) superior performance of consensus recommen- dations, compared with the individual analyzes; (ii) associating the number of analysts issuing recommendations with improved accuracy allows supposing that this number may be associated with increased consensus strength and hence accuracy; (iii) the anchoring effect of the analysts consensus revisions makes his predictions are biased, overvaluating the assets; (iv) analysts need to have greater caution in times of economic turbulence, noting also foreign markets such as the USA. For these may result changes in bias between optimism and pessimism; (v) effects due to changes in bias, as increased pessimism can cause excessive increase in purchase recommendations number. In this case, analysts can should be more cautious in analysis, mainly for consistency between recommendation and the expected price; (vi) the experience of the analyst with the asset economic sector and the asset contributes to the improvement of forecasts, however, the overall experience showed opposite evidence; (vii) the optimism associated with the overall experience, over time, shows a similar behavior to an excess of confidence, which could cause reduction of accuracy; (viii) the conflicting effect of general experience between the accuracy and the observed return shows evidence that, over time, the analyst has effects similar to the endowment bias on assets, which would result in a conflict analysis of recommendations and forecasts ; (ix) despite the focus on fewer sectors contribute to the quality of accuracy, the same does not occur with the focus on assets. So it is possible that analysts may have economies of scale when cover more assets within the same industry; and finally, (x) was possible to develop a proposal for classification analysts to consider both returns and the consistency of these predictions, called Analysis coefficient. This ranking resulted better results, considering the return / standard deviation.

Inclusão de alunos com deficiência no ensino superior: ações no contexto da Universidade Federal do Rio Grande do Norte

Aborda a educação inclusiva no âmbito da Universidade Federal do Rio Grande do Norte (UFRN), com vistas às ações estruturantes para alunos com deficiência, no período de 2001 a 2007. O seu objetivo principal é situar as ações que foram desenvolvidas por essa universidade e, ainda, as que estão em andamento e que privilegiam o acesso e a qualidade do ensino, particularmente, a esses alunos. Este estudo caracteriza-se também por uma abordagem qualitativa e exploratória, por meio do qual empregou-se a análise documental. Os primeiros resultados apontam para ações de diversas naturezas, tais como: criação de uma comissão para elaborar diretrizes gerais e propor ações acadêmicas para a educação especial; realização de Seminários de Educação Inclusiva; criação do ‘espaço inclusivo” na biblioteca central; adequação e construção de ambientes acessíveis; aprovação de projeto no Programa Incluir, dentre outras. Portanto, a partir dessas ações a UFRN demonstra ser fiel aos princípios que norteiam a construção de um sistema educacional democrático e inclusivo, ao buscar garantir a qualidade da oferta e do acesso aos seus cursos, respeitando a diversidade de todos os que nela ingressam

A mãe nas ações de acompanhamento do crescimento e desenvolvimento infantil

ARAÚJO, Marluce Oliveira de; ENDERS, Bertha Cruz. A mãe nas ações de acompanhamento do crescimento e desenvolvimento infantil. Revista Baiana de enfermagem, Salvador, v.19,n.1/2/3,p.93-103, jan./dez. 2004, jann./dez.2005.

Análise comparativa e teste empírico da validade dos modelos CAPM tradicional e condicional: o caso das ações da Petrobrás

ALVES, Janaína da Silva. Análise comparativa e teste empírico da validade dos modelos CAPM tradicional e condicional: o caso das ações da Petrobrás. Revista Ciências Administrativas, Fotaleza, v. 13, n. 1, p.147-157, ago. 2007.

O idoso e as ações sociais em prol desse grupo etário: um estudo sobre a qualidade de vida na Terceira Idade e o Projeto Saúde e Cidadania na Melhor Idade

The present study regards an applied qualitative social research (descriptive) which approaches the matter between old age and Brazilian social actions performed in social projects, aiming a qualified life and citizenship for this group of age. The objective of the study is to evaluate the contribution of Project Health and Citizenship in Old Age regarding social actions from the government directed to old age individual treatment for life quality improvement. The theoretical fundamentals of this work is, in a first moment, about old age and certain existing theories about aging process, as well as the differences and perspectives that come up throughout this process. In a second moment, some reflections are developed about the relation between life quality and leisure regarding old age, with the conception and historical rescue about these questions, as well as the evidence of leisure as an instrument of well-being feasibility and a better life quality in old age. Then the study contextualizes Brazilian government treatment to old age individuals, cutting off the Constitution of Republic from 1988 and some social attitudes taken by the government in a try to reach this specific group. Finally, the study presents the Project Health and Citizenship in Old Age , as a social program which belongs to extension activities from Federal Center of Technological Education of Rio Grande do Norte (CEFET-RN), which aims old age treatment and their citizenship and life quality. After the application of a semi-structured interview using the technique of Analysis of content for the Analysis and Discussion of Results, it is possible to conclude that the Project Health and Citizenship in Old Age fulfils its objective regarding contribution, through offered leisure activities, for old age well-being and life quality improvement. Hence, on this regard, it is possible to observe the importance and value of government actions, social projects and programs assisting old age individuals, for they are able to provide this group the opportunity to live out activities that allow their citizenship and socialization, regarding well-being and life quality improvement.

A ouvidoria pública como instrumento de controle das ações da Secretaria de Saúde do Pará

The State and Public Administration have gone through several reforms in search of a quick operation and the provision of services with quality. With the democratization of the country and the issue of the Constitution in 1988, further reform of the State and Public Administration, joined the government agenda in 1995 and included among its objectives, the principles of participation and social control. In view of this, it raises the Public Ombudsman in order to be a channel for the participation of users in the management of public affairs, social control, transparency of administrative actions, improving the quality of service and meeting the needs of the community. The aim of this study is to assess whether the Ombudsman of the State Department of Public Health to contribute to the period 2006-2008, for the improvement of specialized consulting services. The research is characterized as descriptive, qualitative approach. The collection technique used was the interview, conducted with 37 service users and two servants of the Ombudsman. The analysis was developed based on the perception of users and servers in the opinion of the Ombudsman. The most relevant results of the research showed that 41% of users search the Ombudsman because they believed that solve the problem presented. However, even with this level of public acceptance, the Ombudsman reached average index of resolvability of 53% in the period. In his role has not developed mechanisms for quality control of services, which is mentioned by 67% of users. It turned out the same fact in relation to popular participation, which is confirmed by 84% of users. For 24% of users, the problems raised were resolved, and of these, 56% believe that the Ombudsman has contributed to the positive outcome. As a result of the search results, it appears that the Ombudsman's SESPA / PA, is not fulfilling its role to ensuring the democratization of articipation in management, social control and has limited contribution to solving the problems of users and to improve the quality of services

O marketing e a atuação social das empresas: uma relação possível

The present work is about a study of multiple cases with exploratory and descriptiveperspective and qualitative emphasis. Its field of study is constituted by three local companieswith description of social performance, with emphasis in the personal interview with thecontrollers. Its main objective consists of understanding as it has occurred the marketingrelation with the enterprise social performance in the context of these companies located inthe State of the Rio Grande do Norte who carry out social investments. For this, it hassearched to analyze the types and characteristics of the developed social actions, to evaluatethe motivations and objectives of the accomplishment of social actions, to verify theimportance and influence of the social performance in the dynamics of the companies, toverify the level of specific knowledge and information in the areas of marketing and socialperformance in the companies and to evaluate the process of communication (promotion andspreading) of the social performance carried out by the companies. It has been verified thatthe company A directly associates it its social and ambient activities with differentiationbenefits, competitiveness, creation of value, loyalty, relationships, image, prestige,positioning of the company, sale and financial return, beyond benefits in the internal level asbigger motivation of its employees and retention of talents, not existing rejection to theinterlacement of the concepts related to the marketing and the social one. Already in companyB rejection in relating its practical social to the marketing, being observed after posteriorquestionings, that the relation of direct and indirect form exists and those divulgations of theseactions are carried out, contradicting the arguments of the controllers of that the actions wouldnot be carried out to generate media. In company C, it been verified rejection andcontradiction with relation to the concepts related to the marketing, alleging itself that theimage of the harnessed company to its social performance is not used in proper benefit,evidencing itself that this company divulges its action and is marketable benefited, even so isnot this the main objective of its social programs. It has concluded that the association ofthese two concepts is positive and favorable to the development of the businesses and thesocial actions of the companies, legitimizing them and benefiting the involved company,groups in the actions and the society that profits socially from the private social involvement in the social matters

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

A implementação de ações de integração na segurança pública: o caso das polícias civil e militar do Rio Grande do Norte

The research aimed to understand the challenges for the implementation of the proposed integration between the Civil Police and the Military Police in Rio Grande do Norte to the proposals of the SUSP. This study aimed to explore the gap with regard to the deepening of the possible causes that may hinder the implementation of integrated working between the police in public security, through a specific analysis on the state of Rio Grande do Norte. Was based on a theoretical framework that includes policies: general concepts, the steps of a public policy, the implementation stage , public security : conceptual definitions, policies on security in Brazil, the structure of public security in Brazil and systems police, Military Police x Civil Police: Roles and conflicts , integrating public security: the challenges to be overcome, the Unified public Safety (SUSP) and the main difficulties in the integration of the police. Being classified as to the purposes as an exploratory research on how to approach ranks as qualitative. The research unit was the Center for Integrated Operations Public Safety (CIOSP) through three subjects who were the chief CIOSP, the representative of the military police acting with the CIOSP, and representative civil police also active with the CIOSP. These subjects were chosen because of the understanding that individuals occupying senior positions would have more ability to respond to questions that guide the research problem. Data were collected through a set of interviews, qualitative data analysis was performed based content analysis, based on the definition of categories of analysis, gated time cross. With the results, it was revealed that the main problems of integration between the state police are treatment protocols, lack of political will and lack of infrastructure. The relationship between the Military Police and Civil Police in Rio Grande do Norte has differing cultural aspect, but can be considered as good value, professionalism and integrated operations. The implementation of CIOSP-RN followed the characteristics of the top-down model, the main difficulties in implementing the proposals of the SUSP, lack of own resources, the lack of standardization in public safety and the lack of professional training of public safety. It was concluded that with respect to the challenges to the implementation of the proposed integration between the Civil Police and the Military Police in Rio Grande do Norte to the proposals of the SUSP, the actions follow the characteristics of the top-down model, with no autonomy of administrators public to say in decisions, which restricts the view of the public safety of the state

Caracterização físico-química e ações farmacológicas hepatoprotetora, antiinflamatória, pró-angiogênica, antioxidante e anticoagulante da fração rica em fucana 0,8FRF 0,8 da alga marrom Lobophora variegata

This study examines the physical and chemical composition and the pharmacological effects of brown seaweed FRF 0.8 Lobophora variegata. Fractionation of the crude extract was done with the concentration of 0.8 volumes of acetone, obtaining the FRF 0.8. The physicochemical characterization showed that it was a fucana sulfated. Anti-inflammatory activity was assessed by paw edema model by the high rates of inhibition of the edema and the best results were in the fourth hour after induction (100 ± 1.4% at the dose of 75 mg / kg) and by the strong inhibitory activity of the enzyme myeloperoxidase (91.45% at the dose of 25 mg / kg). The hepataproteção was demonstrated by measurements of enzymatic and metabolic parameters indicative of liver damage, such as bilirubin (reduction in 68.81%, 70.68% and 68.21% for bilirubin total, direct and indirect, respectively at a dose of 75 mg / kg), ALT, AST and γ-GT (decrease of 76.93%, 44.58% and 50% respectively at a dose of 75 mg / kg) by analysis of histological slides of liver tissue, confirming that hepatoprotective effect the polymers of carbohydrates, showing a reduction in tissue damage caused by CCl4 and the inhibition of the enzyme complex of cytochrome P 450 (increasing sleep time in 54.6% and reducing the latency time in 71.43%). The effectiveness of the FRF 0.8 angiogenesis was examined in chorioallantoic membrane (CAM) of fertilized eggs, with the density of capillaries evaluated and scored, showing an effect proangigênico at all concentrations tested FRF (10 mg- 1000 mg). The FRF showed antioxidant activity on free radicals (by inhibiting Superoxide Radical in 55.62 ± 2.10%, Lipid Peroxidation in 100.15 ± 0.01%, Hydroxyl Radical in 41.84 ± 0.001% and 71.47 Peroxide in ± 2.69% at concentration of 0.62 mg / mL). The anticoagulant activity was observed with prolongation of activated partial thromboplastin time (aPTT) at 50 mg (> 240 s), showing that its action occurs in the intrinsic pathway of the coagulation cascade. Thus, our results indicate that these sulfated polysaccharides are an important pharmacological target

Desmame em recém-nascidos de muito baixo peso ao nascer no primeiro retorno ambulatorial após a alta hospitalar

Investigate intrahospital and neonatal determinants associated to the weaning of very low birth weight (VLBW) infants. Methods: 119 VLBW (<1500g) infants 81 were monitored from July 2005 through August 2006, from birth to the first ambulatory visit after maternity discharge. This maternity unit uses the Kangaroo Method and the Baby Friendly Hospital Initiative. Results: Out of 119 VLBW infants monitored until discharge, 88 (75%) returned to the facility, 22 (25%) were on exclusive breastfeeding (EB) and 66 (75%) were weaned (partial breastfeeding or formula feeding). Univariate analysis found an association between weaning and lower birth weight, longer stays in the NICU and longer hospitalization times, in addition to more prolonged enteral feeding and birth weight recovery period. Logistic regression showed length of NICU stay as being the main determinant of weaning. Conclusion: The negative repercussion on EB of an extended stay in the NICU is a significant challenge for health professionals to provide more adequate nutrition to VLBW infants

Fisioterapia e sociedade: ações do Sistema Único de Saúde no Rio Grande do Norte

The work has objective to present actions of Physiotherapy, developed by SUS in the State of Rio Grande do Norte; discuss under the humanization point of view such actions of health; discuss the importance of physioterapy to the Norte-Riograndense, or maybe its role in the perpetuation of actions of health centered in the binomial cause/efect. The study was done in the State of Rio Grande do Norte. The data were obtained through public sources gathered in the health secretrary ship of this State. The collected data talks about physiotherapy sections developed by SUS in several areas of the State; such data was collected and analysed after the aproval of Ethic and Resarch Committee of Federal University of Rio Grande do Norte. Concerning the physiotherapy, along with the State Health Secretaryship of the State fo Rio Grande do Norte, there were only records of attending based on cure/rehabillitation, not being observed during the curse of study, any record or action of prevention, promotion and protection towards health. It s possible to notice that there is a highligth to the interventions focusing on the treatment of illness of rheumatic origin and general complaints related to the vertebral column. Such research evidenced that the Physiotherapy in the SUS in the State priorizes the individualized attending centered in the carteziano health/illness model, where the developde actions are turned to the curative and rehabilliting attention, with role fo some or no highligth in the primary attention

Desenvolvimento, pobreza e meio ambiente no seridó potiguar: um estudo centrado nas micro-regiões do seridó oriental e ocidental

This research work intends to carry out a study focused on the dynamic between development, poverty reduction and conservation of natural resources. To consider this relationship to the region chosen was the micro-region of Eastern and Western Seridó in the state of Rio Grande do Norte. In recent years, several studies (Araújo, 2011; BASTOS, 2009) have pointed out that after a period of economic crisis in its tripodproductive, formed by the activities of farming, cotton farming, mining and faced in the eighties, this region of the State of Rio Grande do Norte, has not only shown signs of economic recovery but also improve their social indicators. On the other hand, studies of desertification as the view of the state of RN (produced in cooperation between the Government of RN and research institutions) and the Sustainable Development Plan of Seridó (ADES, 2000), indicate that there is an ongoing French process of degradation of natural resources that is capable of compromising the ability of sustaining such a system. To verify this reality and likely finding this relationship, this work is adopted for this study, the analysis of evolution of secondary data from official bodies such as the IBGE on HDI, per capita income and other social indicators between 2000 and 2009. Here is another time of the survey analysis of qualitative data collected from interviews with institutions of academic intervention in nature, researchers at the Federal University of Rio Grande do Norte (UFRN) State agencies that address the issue of the Middle Environment in Seridó: Institute for Sustainable Development of the NB (IDEMA) and the Brazilian Institute of Environment and the Amazon (IBAMA) and institutions of direct intervention in the region, as the Agency's Sustainable Development Seridó (adhesive) and the Joint Semi-Arid (ASA). After crossing data from quantitative and qualitative, it was found that the dynamics of the region's economic Seridó Potiguar partially answers the improvement of social indicators of poverty. Contribution by the State in this shared stock transfer income. Regarding the influence of productive restructuring in the region on issues of environment, it is noted that the ceramic tile industry, responsible for the absorption percentage of the population with limited ingress into the urban economy, given the low education, accounts for the increase of susceptibility to the ongoing process of desertification in North Seridó Rio Grande. We conclude finally that the guarantee of increased income, freedom and conservation of natural resources ensures primarily by changing the beliefs and values, especially on the part of the business sector, which use natural resources so predatory, aimed at maintaining their rates of return on investment. And concomitantly, the synchronization between technological change, through the use of new energy sources, and institutional change.