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

História, memória e espaços: experiências dos ex-combatentes de Parelhas-RN na defesa do litoral brasileiro durante a Segunda Guerra Mundial

The present essay has how I aim to analyse the memories of the ex-combatants of Parelhas-RN, specially of the components of the Força de Vigilância e Segurança do Litoral - FVSL, protagonists of the Brazilian participation in the scenery of the Second World war. Along this we looked to understand in which surrounding geographicalpartner these men were living before the War and what were the consequences of a brusque change of space owing to the convocation for the Armed Brazilian Strength in that historical context. The defense of the Brazilian coast during the War was not a so simple task, I have in mind the precariedade logistics of the Armed Strength, the attacks of submarines of the Axle that killed hundreds of civilians and Brazilian soldiers and the net of espionage mounted by Germany in Brazil. Leaving from the notion of collective memory and estrangement in Maurice Halbwachs, we will use the oral history like principal methodology, with the end of rescue these underground memories what also will make possible us the vision realizes that the protagonists themselves have of the event, besides the use of documents, photos, maps and any sort of fountains that make possible us to rebuild the scenery of Parelhas in the beginning of the War and the trajectory of life of his veterans