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.

A Formação de Padres no Nordeste do Brasil (1894-1933)

The Nossa Senhora da Conceição Seminary, installed in 1894, by Dom Adauto Aurélio de Miranda Henriques, first Paraíba Bishop, and the Episcopal Seminary of the Sagrado Coração de Jesus, implanted in 1913, by Dom José Thomas Gomes da Silva, first Aracaju s Bishop diocese, were created as a result of lack of an official religious process proposed by the Brazilian Republic Proclamation, in 1889. With the appoint to enlarge the number of priests and change the image of the priest married and unrolled who used to identify the Catholic Church in the colonial and imperial Brazil. Such bishops developed into intellectuals in the government, dioceses and formation priest houses. I take as a study object, for this doctorate paper, the academic formation and priesthood developed in theses seminaries, from 1894 to 1933, once 1894 the year of João Pessoa Creation Seminar that was implied the Minor Course (preparation) and the Major one (built by Philosophy and God related studies) and the research limit year of 1933, is concerned about the Major Sergipe Seminary ending, which was created and has worked offering the Minor and Major courses, from 1913 to 1933. Showing the teaching models that guided and leaded the priest formation, referred as Seminaries, and the application result is the objective of this investigation. To comprehend the teaching models seminaries studied, my research line is the Catholic Church theme and priest formation in Brazil. In front of the object and the objective desired, I chose the historical comparative method and the scholars modals notions of Araujo de Barros (2004) and the Sirinelli intellectuals (1996). Such references allowed me to analyze the formation given in the seminary and seminarian participation and actions, included the sequence after the scholars formation. The thesis defended is that the teaching model developed in the Brazilian Seminaries, created after a non official religious process in the Brazilian government, deal with a model of one unique center (Seminary formation and aim pre arranged by Santa Sé), although adapted, presuming the local reality and formation structure (privileged not only spiritual and moral speaking, but intellectual also), was it responsible for intellectuals generations (teachers priests, educationalist priest, journalists priests and so on) that boost the education in Brazil. During the Republic first three decades, when, in thesis, the Government was becoming free religion, i.e., the government did not subsidize the Church anymore, and the Government, among others aspects, did not received any Church care to help the public teaching in the country. The investigation reveled accede, by bishops and their followers, such as by the Concílio de Trento pre concept, or by the others ideas, leading by the priests formation in Seminaries. By creating and stalling diocese Seminary, Bishop Dom Adauto and Dom José went further their functions, by the time they built inside themselves a teaching model thought from the main pedagogic logic, based on several religious exercises, moral and ethic, considered by themselves several knowledge connected to humanity, philosophy and God related studies). Following clearly rationalism principle (the way of teaching, which each subject has its own teacher and this class get together students with the same knowledge, regardless of age) and efficiency (trying to teach the whole content in each class), the Seminaries researched developed a whole education, allowed the structure of a spiritual education, moral and intellectual, for a quality developed by priests, including different levels that they used to performance. Their bottom line, actions and priest matter achievement allowed their broad fulfillment, in the way that priests matter were associated with cultural, educational, welfare assistance, at last, intellectuals

Uma abordagem para manipulação de informações geográficas utilizando Scalable Vectors Graphics

In this work, we propose a Geographical Information System that can be used as a tool for the treatment and study of problems related with environmental and city management issues. It is based on the Scalable Vector Graphics (SVG) standard for Web development of graphics. The project uses the concept of remate and real-time mar creation by database access through instructions executed by browsers on the Internet. As a way of proving the system effectiveness, we present two study cases;.the first on a region named Maracajaú Coral Reefs, located in Rio Grande do Norte coast, and the second in the Switzerland Northeast in which we intended to promote the substitution of MapServer by the system proposed here. We also show some results that demonstrate the larger geographical data capability achieved by the use of the standardized codes and open source tools, such as Extensible Markup Language (XML), Document Object Model (DOM), script languages ECMAScript/ JavaScript, Hypertext Preprocessor (PHP) and PostgreSQL and its extension, PostGIS

Habitação e modernização: Cidade Nova e maneiras de viver em Natal no início do século XX

Analyses the presence of new standards of habitation detected in the construction of the region called Cidade Nova, in the first s years of the XX century. Associates the presence of these new patterns with the historical moment lived by the capital, marked by the urban modernization and by the changes of local life. Map voices that, introduced by the republican groups since 1889, pronounced the overcome of the old city of the XIX century asseverated a new model of town. Make use, as fundamental fonts of research, of the urban chronicles produced by the local intellectuals and the newspapers, like A República. Dialog with chronics that includes since propositions about the colonial past until the preoccupations about the acting of the State on how to order the public space. Identifies on those texts the political motivations and the elements whose where inherent to capitalism that accelerated the changes occurred in the urban space. Demonstrates the gradual occupation of Cidade Nova as an important modification happened in the city from that time on. That neighborhood adopted a new model on how to construct the houses of their citizens and helped to promote the urban life as a whole. From now on, Natal has a space meant for the home of their richest families. Recognizes, from many ways, many discourses, manners of living that was legitimized by the changing of the XIX to the XX century and has his highest point in the 1920´s. And it was representative of the strong attachment about the habits of refinery and order in the essence of the private life of the local urban elites

Influência de fatores individuais e sociais sobre as respostas endócrina e comportamental de callithrix jacchus a desafios ambientais físicos e sociais

Regarding the growing number of human beings with physical and mental pathologies associated to different stressor agents, attempts are being made to validate animal models with a close phylogenetic resemblance to man, to study stress response. Callithrix jacchus has been widely used in biomedical research, including on stress, but there is scarce information in the literature about how individual and social factors modulate stressor response in this species. This study uses 4 approaches to investigate the response of male and female adult C. jacchus, under situations of stress, and in the first we show evidence of the importance of this animal as an experimental model in research involving the hypothalamus-pituitary-adrenal axis. And we investigate if sex and baseline cortisol levels modulate the behavioral and hormonal response to separation. In two additional approaches investigate if type of social support (co-specific parent or non-parent) and social rank interfere in behavioral and hormonal when the animal are exposure to a new environment, paired with a co-specific (F2), exposure of the animal to a new environment, isolated (F3) or during reunion (F4). Finally, we also investigated the androgen levels in the males, with a focus on the challenge hypothesis, referring to environmental responsiveness and male-male exposure to relatives and non-relatives of C. jacchus. It was observed that: (1) the baseline cortisol of the animal is predictive of cortisol reactivity at separation; (2) males and females do not show dimorphism in the response of cortisol to stressors, although the females have higher baseline levels of this hormone and exhibit higher frequencies of anxiety-related behaviors; (3) only social support provided by relatives proved to be effective in buffering the cortisol response. In behavioral terms this response was dimorphic, showing that only the male dyads displayed an attenuated response to stress; (4) the males showed differences in cortisol levels as a function of social rank and study phases, whereas in the females no such alterations were observed. The males with indefinite dominance hierarchy (IDH) had reduced cortisol in F2 and F4, while the IDH females showed an increase in F3 and F4; (5) the males of relative and non-relative dyads did not exhibit variations in androgen levels as a function of a new environment. These results, taken together, (a) corroborate the use of C. jacchus as a good animal model for stress-related studies, given that they exhibit similar behavioral and physiological alterations to those of human beings in response to stressor agents; (b) point to the importance of considering individual and social modulating factors during experiments with stressors; (c) provide more reliable comparison parameters in studies where these primates are used as animal models, and (d) show that androgens vary as a function of genetic proximity (relative or non-relative) when the animals are faced with physical and social environmental challenges, thus providing important information for studying the challenge hypothesis in this species

Especificação do micronúcleo FreeRTOS utilizando o método B

This paper presents a contribution to the international Verified Software Repository effort through the formal specification of the microkernel FreeRTOS real-time system. Such specification was made in abstract level making use of the B method . For thus, properties of the microkernel were chosen and selected as specification requisites, which was constructed centered at the functionalities responsible for the utilization of these properties. This properties weres setting as specification requirements. The specification was constructed modeling the function of microkernel that implement this properties. This work intended to encourage the formal verification of FreeRTOS and also contribute to the formal creation of a microkernel real-time systems, based in FreeRTOS. Furthermore, this model brings a formal documentation point view of the microkernel, demonstrating features and how this internal states is changing. Finally, this work could be an example of specification of the actual system by the B method.

A reafirmação do bairro:um estudo geo-histórico do bairro do Alecrim na cidade de Natal-RN

By the end of the 21st Century, economy globalization trends to show a velocity process through which market being expanded characterized by an intense going on of the internationalization of finance, after that marginalizing the periphery of the social spaces. It is clear to see that this process occurred in those less developed countries happens in an accentuated way just because income distribution that is so regressive and also because the insufficient enclosing of the social programs, we find this situation in a big part of Brazilian cities. The marginalizing social economical process observed in Natal, a city located in the east coast part of Northeast region in Brazil and that owns a population upper to 778 thousand in habitants is nearly linked to the extension of goods and services commerce. The installation of new urban activities in the city pointed out tourist activity as the greater impulsive thing in the phenomenon promotion, most of them aiming to promote Natal to the national and international scenery. It privilege strongly in the South zone with economical implementations such as shopping s centers, supermarkets, and home buildings condominiums leading to a loss of functionality of some traditional district located in central areas of the city. Notwithstanding, some spaces, for instance Alecrim district officially created in 1911, has notably resisted to the expansion of the urban process pointed out in Natal in the last years. So that this put Alecrim District as a district with originally characteristics reaffirmed along the historical process form old times. The predominance of some residential characteristics such as the incidence of some villages and a concentration of a big and confuse popular commerce distributed along streets puts Alecrim District as a resistant space in Natal. The same way analyze Alecrim District under the prism of Historic Geography because we understand this way it accomplishes a fundamental role in the theoretical methodological development of our work, just when we analyze the time as a variant in our object of study. It is still inside this theoretical field that we carry out a brief reviewing about quarter/district definition, under the optic from several registered and scientific resources taken into account along this work, because we understand that it was necessary to think this important spatial unit especially to know exactly what we are referring to as a district and so we can reaffirm Alecrim as an important and traditional district to Natal and it has been resisting to spatial transformation verified in the last years in Natal city. To give support to our reflection we used methodological tools related to inhabitants lifestyles knowledge and also the study of Alecrim District as a space that promote a certain centrality in Natal as some indicators to keep original characteristics in the district in Natal