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

Análise de volatilidade, integração de preços e previsibilidade para o mercado brasileiro de camarão

The present paper has the purpose of investigate the dynamics of the volatility structure in the shrimp prices in the Brazilian fish market. Therefore, a description of the initial aspects of the shrimp price series was made. From this information, statistics tests were made and selected univariate models to be price predictors. Then, it was verified the existence of relationship of long-term equilibrium between the Brazilian and American imported shrimp and if, confirmed the relationship, whether or not there is a causal link between these assets, considering that the two countries had presented trade relations over the years. It is presented as an exploratory research of applied nature with quantitative approach. The database was collected through direct contact with the Companhia de Entrepostos e Armazéns Gerais de São Paulo (CEAGESP) and on the official website of American import, National Marine Fisheries Service - National Oceanic and Atmospheric Administration (NMFS- NOAA). The results showed that the great variability in the active price is directly related with the gain and loss of the market agents. The price series presents a strong seasonal and biannual effect. The average structure of price of shrimp in the last 12 years was R$ 11.58 and external factors besides the production and marketing (U.S. antidumping, floods and pathologies) strongly affected the prices. Among the tested models for predicting prices of shrimp, four were selected, which through the prediction methodologies of one step forward of horizon 12, proved to be statistically more robust. It was found that there is weak evidence of long-term equilibrium between the Brazilian and American shrimp, where equivalently, was not found a causal link between them. We concluded that the dynamic pricing of commodity shrimp is strongly influenced by external productive factors and that these phenomena cause seasonal effects in the prices. There is no relationship of long-term stability between the Brazilian and American shrimp prices, but it is known that Brazil imports USA production inputs, which somehow shows some dependence productive. To the market agents, the risk of interferences of the external prices cointegrated to Brazilian is practically inexistent. Through statistical modeling is possible to minimize the risk and uncertainty embedded in the fish market, thus, the sales and marketing strategies for the Brazilian shrimp can be consolidated and widespread

Processamento e análise de imagens na caracterização da superfície do titânio submetido a um ensaio de cultura de células

This work aims to develop a methodology for analysis of images using overlapping, which assists in identification of microstructural features in areas of titanium, which may be associated with its biological response. That way, surfaces of titanium heat treated for 08 (eight) different ways have been subjected to a test culture of cells. It was a relationship between the grain, texture and shape of grains of surface of titanium (attacked) trying to relate to the process of proliferation and adhesion. We used an open source software for cell counting adhered to the surface of titanium. The juxtaposition of images before and after cell culture was obtained with the aid of micro-hardness of impressions made on the surface of samples. From this image where there is overlap, it is possible to study a possible relationship between cell growth with microstructural characteristics of the surface of titanium. This methodology was efficient to describe a set of procedures that are useful in the analysis of surfaces of titanium subjected to a culture of cells

Estudo de revestimentos inorgânicos com inibidor de corrosão aplicado na superfície do concreto

The corrosive phenomenon on reinforced concrete structures is one of the most founded pathologies on the coastal area. With the objective to prevent the process development, or even, retard its beginning, it was studied the application of inorganic covering over concrete surfaces, after its cure, as well as, evaluate the efficiency of the covering applied on the concrete in reducing its porosity of concrete preventing the entrance of aggressive agents to preserve the integrity of the existing armor inside it, comparing the result obtained with the body-of-proof reference, that didn´t receive covering protection. On the concrete production it was used Portland Cement CP II 32, coarse aggregate, fine aggregate and water from the local distributive. Two types of covering were used, one resin based of silicon and solvent and other white cement based, selected sands and acrylic resin. The concrete mixture adopted was 1:1,5:2,5 (cement, fine aggregate, coarse aggregate) and 0.50 water/cement ratio. With the concrete on fresh state was made the experiment test to determinate the workability. On the hardened state was made the concrete resistance experiment, absorption of water and electrochemical experiments, through polarization curves. Also was held optical microscopy and Scanning Electron Microscopy experiments to analyze the layer of the covering applied to the concrete surface and the interface between the concrete and the layer. The obtained results shows that the covering applied to the concrete surface didn´t affect the resistance towards compression. On the absorption of water occurred a diminution of the percentage absorbed, improving the concrete development by making it more impermeable towards the entrance of aggressive agents. The electrochemical experiment results confirmed the water absorption results; the body-of-proof covered presented larger protection towards the development of corrosives process and retarded the evolution of the corrosive phenomenon

Estudo da viabilidade técnica para obtenção de superfície duplex em aço inoxidável martensítico AISI 410 através do processo de deposição a plasma por gaiola catódica

The technique of plasma nitriding by the cathode cage mainly stands out for its ability to produce uniform layers, even on parts with complex geometries. In this study, it was investigated the efficiency of this technique for obtaining duplex surface, when used, simultaneously, to nitriding treatment and thin film deposition at temperatures below 500°C. For this, were used samples of AISI 41 0 Martensitic Stainless Steel and performed plasma treatment, combining nitriding and deposition of thin films of Ti and/or TiN in a plasma atmosphere containing N2-H2. It was used a cathodic cage of titanium pure grade II, cylindrical with 70 mm diameter and 34 mm height. Samples were treated at temperature 420ºC for 2 and 12 hours in different working pressures. Optical Microscopy (OM), Scanning Electron Microscopy (SEM) with micro-analysis by Energy Dispersive Spectroscopy (EDS), X-Ray Diffraction (XRD), Atomic Force Microscopy (AFM) and analysis of Vickers Microhardness were used to investigate coating properties such as homogeneity and surface topography, chemical composition, layer thickness, crystalline phase, roughness and surface microhardness. The results showed there is a direct proportionality between the presence of H2 in plasma atmosphere and the quantity of titanium in surface chemical composition. It was also observed that the plasma treatment at lowpressure is more effective in formation of TiN thin film

Atividade antibacteriana das plantas copaifera duckei dwyer e pseudobombax marginatum e sua interação com a superfície celular bacteriana

A resistência microbiana a antimicrobianos tem favorecido a busca por substâncias bioativas provenientes de plantas usadas na medicina popular, com o intuito de se obter novos fármacos com atividade antimicrobiana. Neste estudo, foi proposta a investigação da atividade antibacteriana do óleo-resina de Copaifera duckei e de diferentes extratos da casca de Pseudobombax marginatum, e seus possíveis mecanismos de ação. O potencial inibitório antibacteriano foi avaliado utilizando-se os métodos de difusão e diluição em ágar, e a bioautografia. O mecanismo de ação foi analisado por microscopia eletrônica, no qual se observou alterações na ultraestrutura bacteriana, e por eletroforese em SDS-PAGE, que determinou ação sobre as proteínas das superfícies celulares. A análise química foi realizada pelas técnicas de Espectrometria de massas acoplada ao Cromatógrafo a gás- EM/CG (C. duckei) e Cromatografia Líquida de Alta Eficiência- CLAE (P. marginatum). Entre as bactérias estudadas, B. cereus foi a mais suscetível às plantas em estudo, com concentrações inibitórias mínimas (CIMs) correspondentes a 0,3125 mg/mL para o óleo-resina de copaíba, e 0,5 mg/mL para extrato hidroalcoólico (1:1) e 0,512 mg/mL para a fração butanólica da casca P. marginatum, nos quais pôde-se observar alterações na parede celular do B. cereus, com remoção da camada S, espessamento da parede celular e formação de diversos septos nos centros de divisão celular. A análise química por EM/CG mostrou compostos terpênicos no óleo-resina de C. duckei, tendo como composto majoritário o β-bisaboleno, e a análise por CLAE mostrou a presença de compostos derivados da catequina na casca do P. marginatum. Desta forma, as plantas em estudo mostram um potencial antibacteriano considerável, podendo contribuir tanto na terapia antimicrobiana como na área de alimentos, tendo como um de seus prováveis sítios de ação a parede celular bacteriana

Análise de estruturas de superfície delgadas axissimétricas via método dos elementos finitos com utilização de elemento retilíneo

The present work deals with the linear analysis of bi-dimensional axisymmetric structures, through development and implementation of a Finite Element Method code. The structures are initially studied alone and afterwards compatibilized into coupled structures, that is, assemblages, including tanks and pressure vessels. Examples are analysed and, in order to prove accuracy, the results were compared with those furnished by the analytical solutions

Modelagem de dados de falhas de equipamentos de sub-superfície em poços de petróleo da Bacia Potiguar

This master´s thesis presents a reliability study conducted among onshore oil fields in the Potiguar Basin (RN/CE) of Petrobras company, Brazil. The main study objective was to build a regression model to predict the risk of failures that impede production wells to function properly using the information of explanatory variables related to wells such as the elevation method, the amount of water produced in the well (BSW), the ratio gas-oil (RGO), the depth of the production bomb, the operational unit of the oil field, among others. The study was based on a retrospective sample of 603 oil columns from all that were functioning between 2000 and 2006. Statistical hypothesis tests under a Weibull regression model fitted to the failure data allowed the selection of some significant predictors in the set considered to explain the first failure time in the wells

Análise de onda completa de superfície seletiva em freqüência do tipo anteparo duplo

This work presents a theoretical analysis and numerical and experimental results of the scattering characteristics of frequency selective surfaces, using elements of type patch perfectly conductor. The structures are composed of two frequency selective surfaces on isotropic dielectric substrates cascaded, separated by a layer of air. The analysis is performed using the method of equivalent transmission line in combination with the Galerkin method, to determine the transmission and reflection characteristics of the structures analyzed. Specifically, the analysis uses the impedance method, which models the structure by an equivalent circuit, and applies the theory of transmission lines to determine the dyadic Green's function for the cascade structure. This function relates the incident field and surface current densities. These fields are determined algebraically by means of potential incidents and the imposition of the continuity of the fields in the dielectric interfaces. The Galerkin method is applied to the numerical determination of the unknown weight coefficients and hence the unknown densities of surface currents, which are expanded in terms of known basis functions multiplied by these weight coefficients. From the determination of these functions, it becomes possible to obtain numerical scattered fields at the top and bottom of the structures and characteristics of transmission and reflection of these structures. At work, we present numerical and experimental results for the characteristics of transmission and reflection. Comparisons were made with other results presented in literature, and it was observed a good agreement in the cases presented suggestions continuity of the work are presented

Sistema inteligente para detecção de manchas de óleo na superfície marinha através de imagens de SAR

Oil spill on the sea, accidental or not, generates enormous negative consequences for the affected area. The damages are ambient and economic, mainly with the proximity of these spots of preservation areas and/or coastal zones. The development of automatic techniques for identification of oil spots on the sea surface, captured through Radar images, assist in a complete monitoring of the oceans and seas. However spots of different origins can be visualized in this type of imaging, which is a very difficult task. The system proposed in this work, based on techniques of digital image processing and artificial neural network, has the objective to identify the analyzed spot and to discern between oil and other generating phenomena of spot. Tests in functional blocks that compose the proposed system allow the implementation of different algorithms, as well as its detailed and prompt analysis. The algorithms of digital image processing (speckle filtering and gradient), as well as classifier algorithms (Multilayer Perceptron, Radial Basis Function, Support Vector Machine and Committe Machine) are presented and commented.The final performance of the system, with different kind of classifiers, is presented by ROC curve. The true positive rates are considered agreed with the literature about oil slick detection through SAR images presents

Análise do desempenho térmico de um sistema de aquecimento solar utilizando coletor com superfície absorvedora em chapas de PVC

It s presented a solar collector to be used in a system for heating bath water, whose main characteristic is its low cost. The collector consists of five plates of PVC with 10 mm thick, 200 mm in width and 1400mm in length, with an area equal to 1.4 square meters. The plates were connected in parallel to the ends of PVC tubes of  40 mm and 32 mm. The plates were coated on one side with aluminum sheets of soft drinks and beers cans open. The system worked on a thermosiphon and was tested in two configurations: the plates uncoated and coated with aluminum material, to determine the influence of material on the efficiency of the collector. For both configurations was used EPS plates below the surface to minimize heat losses from the botton. The thermal reservoir of the heating system is, also, alternative and low cost, since it was constructed from a polyethylene tank for storing water, with volume of 150 end 200 liters. It will be presented the thermal efficiency, heat loss, water temperature of the thermal reservoir at the end of the process and simulation of baths for a house with four residents. The will be demonstrated thermal, economic and material viability of the proposed collector, whose main innovation is the use of recyclables materials, cans of beer and soft drinks, to increase the temperature of the absorber plate.

Estudo térmico de um sistema solar de aquecimento de água residencial para duas configurações de superfície absorvedora

It presents a solar collector to be used in a system for heating water for bathing, whose main characteristics are its low cost and easy manufacturing and assembly. The absorbing surface of the collector is formed by an aluminum plate with eight flaps where they lodge PVC pipes. The catchment area of solar radiation corresponds to 1.3 meters. The collector box was made of wood, is covered by transparent glass and thermal insulation of tire chips and expanded polystyrene (EPS). Absorber tubes were connected in parallel through the use of PVC fittings and fixed to the plate by the use of metal poles and rivets. The entire absorber received paint flat black for better absorption of sunlight. The system worked on a thermosiphon assembly and absorber of the collector has been tested in two configurations: with the tubes facing up, directly exposed to the impact of sunlight and facing down, exchanging heat with the plate by conduction. It was determined the most efficient configuration for the correct purpose. The solar collector was connected to a thermal reservoir, also alternative, low-cost forming the system of solar water heating. We evaluated thermal parameters that proved the viability of the heating system studied

Construção e analise de desempenho de um sistema de aquecimento solar de água utilizando placa de policarbonato como superfície absorvedora

It was studied a system for heating water to be used to obtain water for bathing at home, the absorbing surface of the collector is formed by one plate of polycarbonate. The polycarbonate plate has 6 mm thick, 1.050 mm wide and 1.500 mm long with an area equal to 1,575 m². The plate was attached by its edges parallel to PVC tubes of 32 mm. The system worked under the thermo-siphon and was tested for two configurations: plate absorber with and without isolation of EPS of 30 mm thick on the bottom surface in order to minimize heat losses from the bottom. The tank's thermal heating system is alternative and low cost, since it was constructed from a polyethylene reservoir for water storage, with a volume of 200 liters. Will present data on the thermal efficiency, heat loss, water temperature of thermal reservoir at the end of the process simulation and baths. Will be demonstrated the feasibility of thermal, economic and material pickup proposed for the intended purpose.

Análise do potencial genotóxico da superfície de titânio modificada por plasma

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Aspectos clínicos, radiográficos e histológicos da superfície oclusal de molares decíduos com e sem lesão de cárie: estudo in vitro

Fundação de Amparo a Pesquisa do Estado de São Paulo