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

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Ecologia reprodutiva do peixe-donzela, Stegastes fuscus cuvier, 1830 (osteichthyes: pomacentridae) em arrecifes rochosos da praia de Búzios, Rio Grande do Norte, Brasil

The reproductive ecology of fish plays a key role both for rational exploitation methods and for protective measures of natural stocks. The purpose of this study was to analyze the reproductive aspects of the damsel-fish, Stegastes fuscus, during October 2004 to September 2005, in the coastal rocky reefs of Búzios Beach, Nísia Floresta, RN. Fish were captured using hooks and hand nets, during low tide. Reproduction was determined using sexual ratio, mean length of first maturation (L50), absolute fecundity and macroscopic characteristics of gonads. The following parameters were related to gonadosomatic index (GSI): condition factor (CF), hepatosomatic index (HSI), rain fall and temperature. In relation to sex distribution, it was observed that 78% were females and 22% were males. The L50 was 6.2 cm for females and 7.0 for males. Average fecundity was 6832 oocytes. Results showed that S. fuscus had better body condition in the months prior to spawning, particularly during initial and intermediate stages of maturation. Five stages of gonadal maturation were identified through macroscopic analysis: immature, in maturation, mature, spent and resting. The HSI was inversely related to the GSI. This was possibly due to the reproductive cycle of this species which was associated to the dry period of this region. During this period, low rain fall and high temperatures provide an propitious reproductive condition for the study species

Parâmetros citogenéticos de espécies comerciais de carangidae (perciformes), com vistas a sua empregabilidade na conservação biológica e piscicultura marinha

Worldwide, families Carangidae and Rachycentridae represent one of the groups most important commercial fish, used for food, and great potential for marine aquaculture. However, the genetic bases that can underpin the future cultivation of these species, cytogenetic between these aspects are very weak. The chromosomal patterns have provided basic data for the exploration of biotechnological processes aimed at handling chromosomal genetic improvement, such as induction of polyploidy, androgenesis and ginogenesis, as well as obtaining monosex stocks and interspecific hybridizations. This paper presents a comprehensive cytogenetic survey in 10 species, seven of the family Carangidae and the monotypic family Rachycentridae. Classical cytogenetic analysis and in situ mapping of multigene sequences were employed, and additionally for the genus Selene and morphotypes of Caranx lugubris, comparisons were made using geometric morphometrics. In general, conservative species exhibit a marked chromosome number (2n=48). Although present in large part, different karyotypic form, retain many characteristics typical of chromosomal Order Perciformes, the high number of elements monobrachyal, Ag-NORs/18S rDNA sites and heterochromatin simply reduced, preferably centromeric. The main mechanisms involved in karyotypic diversification are the pericentric inversions, with secondary action of centric fusions. In addition to physical mapping and chromosome detail for the species are presented and discussed patterns of intra-and interspecific diversity, cytotaxonomic markers. This data set provides a better understanding of these patterns caryoevolutyonary groups and conditions for the development of protocols based on Biotechnology for chromosomal manipulation Atlantic these species

Padrões cromossômicos e mapeamento de genes ribossomais 18S e 5S em peixes pelágicos Atlânticos

Cytogenetic studies in fish have been contributed significantly to a better understanding of the marine biodiversity, presenting information related to characterization, evolution and conservation of species e fisheries stocks. Among the marine species which cytogenetic data are less well known pelagic forms are detached, that despite the economic importance and conservation efforts have been suffering great pressure from the artisanal and industrial fisheries. The present work characterized cytogenetically six species of large pelagic fish in the Atlantic, belonging to the Order Perciformes, among them, four species of Scombridae, Thunnus albacares, T. obesus, Scomberomorus brasiliensis and Acanthocybium solandri and two Coryphaenidae, Coryphaena equiselis and C. hippurus using Classical cytogenetic methods as conventional staining, C-banding and Ag-NORs and molecular through staining fluorochromes AT and GC-specific and mapping of ribosomal multigene families, 18S and 5S. The identification of phylogenetic patterns and cytotaxonomic markers between the species and the presence of sex chromosomes in at least one species of Coryphaenidae, are particularly useful in the formulating of phylogenetic hypotheses, as well as comparisons between groups and populations

Ergonomia, sustentabilidade sócio-ambiental e atividade de pesca artesanal com jangadas: estudo de caso na Praia de Ponta Negra, Natal-RN

The fishing is made possible by the handiwork of a fisherman, not using appliances that achieve the same levels of industrial fishing productivity and not causing environmental impacts on fish stocks with the same intensity. The adoption of sustainability practices in this type of fishing has been requested for the achievement of environmental and socioeconomic improvements, since its production has been decreasing over the years and overfishing has led to reduced stocks also stand out environmental aggressions such as pollution. Thus, this research aims to analyze the interference of environmental aspects/impacts that permeate the activity performed by fisherman on the beach of Ponta Negra, Natal-RN, in order to propose recommendations for environmental sustainability. We used a methodology based on the ergonomic work analysis (WISNER, 1987; GUERIN, 2001; VIDAL, 2008) using techniques such as observational and interactional observation protocols, photographs, videos, conversational action, and listening to verbalizations. To understand the vulnerability of the environment in which the activity is carried fisherman and the interferences that it suffers, we used the study of environmental aspects/impacts (SÁNCHEZ 2008). As a result, it appears that from the observations located and reports raftsmen, changes in the sea, the search for new fishing grounds farther from the coast, reducing fishery production, waste generation and pollution of the workplace, and the difficulty in docking rafts, factors arising from the pressures both for society as Seen by fisherman, denoting the necessity of drawing up recommendations and actions proposed by management activity by promoting discussion among raftsmen and accountable institutions, and training through workshops on environmental education, aiming to positive changes in the activity fisherman from Ponta Negra and the environment in which raftsmen are inserted in order to seek a sustainable activity, preserving its characteristics

Modelo de gerenciamento de estoques de peças de reposição para empresas de transporte urbano de passageiros

This work searches to offer a model to improve spare parts stock management for companies of urban passenger transport by bus, with the consequent progress in their maintenance management. Also known as MRO items (Maintenance, Repair and Operations), these spare parts, according their consumption and demand features, cost, criticity to operation, lead-time, quantity of suppliers, among other parameters, shouldn´t have managed their inventory like normal production items (work in process e final products), that because their features, are managed by more predictable models based, for example, in economic order quantity. In the case specifically of companies of urban passenger transport by bus, items MRO have significant importance in their assets and a bad management of these inventories can cause serious losses to company, leading it even bankrupticy business, in more severe situations which missing spare part provokes vehicles shutdown indefinitely. Given slight attention to the issue, which translates in little literature available about it when compared to that literature about normal items stocks, and due the fact that MRO items be critical to bus urban transport of passengers companies´, it is necessary, so, deepen in this theme searching to give technical and scientific subsidies to companies that work, in many times, empirically, with these so decisive inputs to their business. As a typical portfolio problem, in which there are n items, separated into critical and noncritical, while competing for the same resource, it was developed a new algorithm to aid in a better inventory management of spare parts used only in corrective maintenance (whose failures are unpredictable and random), by analyzing the cost-benefit ratio, which compares the level of service versus cost of each item. The model was tested in a company of urban passenger transport by bus from the city of Natal, who anonymously provided their real data to application in this work

Não há você sem mim: histórias de mulheres sobreviventes de uma tentativa de homicídio

The murder-suicide (H / S) has been defined as a shocking crime in which a person takes the life of another and then kills himself within 24 hours. Set up as a gender violence, because men are in majority, the killers and the women victims. This study aims to understand the meanings of the experience of a H / S, from women who have survived this act. This study sets up as a hermeneutic phenomenological research, based on Heidegger`s ontology. We interviewed three survivors of H / S, whose narratives allowed to approach the senses present in their lives. The interviews were transcribed and interpreted in accordance with the hermeneutic circle, as proposed by Martin Heidegger. From the interviews of research participants perceive that these women have built their senses in stocks, represented the family foundation and the presence of a husband and children. This project that moved their lives toward the construction of modes-of-being. We noticed the presence of historicity constructing meanings for the existence of these women. We found reports of an experience of loving relationships characterized by strong jealousy, with the presence of fantasies of betrayal, and marked by a careful affective relationship that put them in the position of object possession of his companions. Reflect that such caring restricted their existence being-for-husband. So the senses that moved their stocks, which aimed his ways existential, was the creation of a family, a reference to their lives, to live a love, and care for the children. Therefore, beyond the already known aspects in studies on violence against women, which made these women continue to choose this relationship was the sense that they had for their existence. It is hoped that this study will contribute to the construction of a new look on violence against women, taking as a basis the Heideggerian hermeneutic phenomenology

Impactos sócio-econômicos e ambientais da introdução da Tilápia do Nilo, Oreochromis niloticus, em açudes públicos do semi-árido nordestino, Brasi

The stocking of exotic fish, especially the tilapia, has become a common practice in the public reservoirs of the Brazilian semi-arid region. The stocking of tilapias has had as its main aim the improvement of the fisheries in the reservoirs and consequently the improvement of the socio-economic conditions of the families that have fishing as the main source of income. However, the environmental risks associated with this practice are high and can lead to a loss in aquatic biodiversity and to changes in the quality of the water. The object of this work was to quantify the socio-economic and environmental effects of the introduction of the Nile tilapia in the public reservoirs of the semi-arid northeastern Brazil. The analysis of the fish yield of 100 public reservoirs from 1970 to 2000 demonstrated that the introduction of the Nile tilapia apparently contributed to an increase in the total fish yield from the late 1970 s until the mid-1980 s. Nevertheless, from that time onwards the fish yield in these reservoirs has fallen into decline to levels inferior to those observed prior to the introduction of the tilápia. The analysis of the fishing activity statistics of the Gargalheiras reservoir located in the city of Acari, Rio Grande do Norte, demonstrated that the introduction of the Nile tilapia in the reservoir has not significantly increased the fish yield, the gross overall income, the gross per capita income nor the number of fishermen actively fishing in the reservoir. On the other hand, the analysis of the fishing activity statistics of the Gargalheiras reservoir has revealed a significant reduction in the captures of other commercially important fish species after the introduction of the tilapia. This result suggests that the Nile tilapia could have negatively affected other species of fish in the reservoir, contributing to the decline in their stocks. In order to assess the perception of the fishermen concerning the effects of the Nile tilapia over other species of fish and the quality of the water, questionnaires containing open and multiple choice questions were applied with 30 fishermen from the colony of the Gargalheiras reservoir. The great majority of the local fishermen stated that the tilapia is currently the most important species of fish to those who depend on fishing as a source of income and that they have not caused damage to other species of fish nor to the quality of the water in the reservoir. However, the results of the present work indicate that the alleged socio-economic benefits, employed to justify the introduction of the Nile tilapia in the reservoirs, are overestimated while the environmental impacts of the introduction of this exotic species are underestimated

O território das novas economias e suas implicações socioambientais na comunidade pesqueira de Barra do Cunhaú

This dissertation aims to analyze the territory of the new economies and their social implications in the district of Barra do Cunhaú / Canguaretama. We used techniques of qualitative research (document analysis, interviews and observations in situ). It was found that the changes occurring in the territory are linked to the pressures caused by factors internal and external orders, such as the deployment and expansion of projects for development of tourism and shrimp in place, which led to the advancement of real estate speculation and intensification of the deforestation of areas of mangroves along the estuary of the river Curimataú / Cunhaú, contributing to the abandonment of fishing and agriculture for livelihood in this community, therefore, the loss of traditional knowledge applied in the conduct of this activity. It was also found that changes in the use of territory and resources threaten biodiversity and have contributed to the reduction of fish stocks of the Municipality of Canguaretama and thus bar the Cunhaú, especially the stock of crab, Uca (ucides cardatus ). The results indicated that the production in large scale in a market economy, as is the shrimp, ignores the search for balance in regional settings. Thus the environmental disturbances resulting from the shrimp and tourism have consequences for social and cultural aspects, directly affecting the livelihood of the residents of Barra do Cunhaú. Companies of shrimp and related to tourism have absorbed the fishermen who are leaving the fishing activity. However, the low level of education associated with age are factors that make them far outside the framework of employees of these companies. Therefore, it is necessary to create conditions that allow the development of the shrimp and tourism without putting at risk the sustainability of the region