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

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Estudo estatístico sobre eventos de precipitação intensa no nordeste do Brasil

The Northeast of Brazil (NEB) shows high climate variability, ranging from semiarid regions to a rainy regions. According to the latest report of the Intergovernmental Panel on Climate Change, the NEB is highly susceptible to climate change, and also heavy rainfall events (HRE). However, few climatology studies about these episodes were performed, thus the objective main research is to compute the climatology and trend of the episodes number and the daily rainfall rate associated with HRE in the NEB and its climatologically homogeneous sub regions; relate them to the weak rainfall events and normal rainfall events. The daily rainfall data of the hydrometeorological network managed by the Agência Nacional de Águas, from 1972 to 2002. For selection of rainfall events used the technique of quantiles and the trend was identified using the Mann-Kendall test. The sub regions were obtained by cluster analysis, using as similarity measure the Euclidean distance and Ward agglomerative hierarchical method. The results show that the seasonality of the NEB is being intensified, i.e., the dry season is becoming drier and wet season getting wet. The El Niño and La Niña influence more on the amount of events regarding the intensity, but the sub-regions this influence is less noticeable. Using daily data reanalysis ERAInterim fields of anomalies of the composites of meteorological variables were calculated for the coast of the NEB, to characterize the synoptic environment. The Upper-level cyclonic vortex and the South atlantic convergene zone were identified as the main weather systems responsible for training of EPI on the coastland

Eventos de oralidade em aulas de língua portuguesa: um estudo de caso

Este trabajo tiene como objetivo investigar el tratamiento ofrecido al estudio de la lenguaje en la modalidad oral en clases de lengua portuguesa en los 3º y 4º ciclos del Nivel Fundamental a la luz de concepciones sociointeracionistas de lenguaje. Para tal, tomamos como referencia las contribuciones de Bakhtin (1992) Marcuschi (2005), Batista (2001), Antunes (2009), Bagno (2002), Suassuna (2009), Ramos (2002), Castilho (2000), Oliveira (2003), entre otros, como también tomamos como referencia los objetivos establecidos en los programas oficiales, entre los cuales están los PCN de lengua portuguesa, el PNLD y el regimiento escolar. El campo de pesquisa seleccionado fue una escuela pública de la ciudad de Parnamirim donde los datos fueran colectados en visitas, en las entrevistas grabadas con los sujetos y también durante las observaciones a las clases. Hecho estos procedimientos de coleta de datos se hizo su análisis que estuvo vinculada al referencial teórico. Los resultados de la pesquisa indican características en el tratamiento ofrecido al lenguaje oral que refleja, principalmente, una concepción de lengua y lenguaje adoptada por los profesores aún muy vinculada a las concepciones estructuralistas, sin lograr una práctica que contemple la oralidad como objeto de estudio

Gerenciamento de alarmes em plataformas marítimas de produção de hidrocarbonetos: metodologia e estudo de caso

In the operational context of industrial processes, alarm, by definition, is a warning to the operator that an action with limited time to run is required, while the event is a change of state information, which does not require action by the operator, therefore should not be advertised, and only stored for analysis of maintenance, incidents and used for signaling / monitoring (EEMUA, 2007). However, alarms and events are often confused and improperly configured similarly by developers of automation systems. This practice results in a high amount of pseudo-alarms during the operation of industrial processes. The high number of alarms is a major obstacle to improving operational efficiency, making it difficult to identify problems and increasing the time to respond to abnormalities. The main consequences of this scenario are the increased risk to personal safety, facilities, environment deterioration and loss of production. The aim of this paper is to present a philosophy for setting up a system of supervision and control, developed with the aim of reducing the amount of pseudo-alarms and increase reliability of the information that the system provides. A real case study was conducted in the automation system of the offshore production of hydrocarbons from Petrobras in Rio Grande do Norte, in order to validate the application of this new methodology. The work followed the premises of the tool presented in ISA SP18.2. 2009, called "life cycle alarm . After the implementation of methodology there was a significant reduction in the number of alarms

Influência de fatores biopsicossociais sobre a mortalidade de idosos no município de Santa Cruz/RN: um estudo prospectivo

The aging process if characterizes for a complex events network, from multidimensional nature, that encloses biological, social, psychic and functional aspects. The alteration of one or more aspects can speed up the aging process, anticipating limitations and until the death in the aged. For an adjusted confrontation of this question is necessary an interdisciplinary vision, in which the some areas of the knowledge can interact and with this to intervenes of the best possible form. Then, information derived from studies of aspects related to incidence, morbidity-mortality and transition patterns, involved in the health-illness process can more accurately identify risk groups thereby establishing links between social factors, illness, incapacity and death. Thus, this study aimed to identify, by a multidimensional vision, the risk factors of mortality in a coorth of elderly in a city in the interior of the state of Rio Grande do Norte (RN), Brazil. A prospective study carried out in Santa Cruz RN, where 310 elderly were randomly selected to form a baseline. The follow-up was 53 months. The predictive variables were divided into sociodemographic, physical health, neuropsychiatric and functional capacity. The statistical analysis carried out by bivariate analysis, survival analysis, followed by binary logistic regression and Cox regression, in the multivariate analysis, considering significant levels p < 0.05 and confidence interval (CI) of 95%. A total of 60 (19.3%) elderly died during the follow-up, where cardiovascular disease was the main cause. The survival was approximately 24.8 months. The study of general survival showed, at 12, 24, 36, and 48 months of observation, a survival rate of 97%, 54%, 31%, and 5% respectively, with a statistical difference in survival only observed for the variables of cognitive function and Basic Activities of Daily Living. In the logistic regression analysis, the risk factors identified were cognitive deficits (OR = 8.74), poor perception of health (OR = 3.89) and dependence for Basic Activities of Daily Living (OR = 3.96). In the Cox analysis, as well as dependence for Basic Activities of Daily Living (HR = 3.17), cognitive deficit (HR = 4.30) and stroke (CVA) (HR = 3.49) continued as independent risk factors for death. The risk factors found in the study can be interpreted as the primary predictors for death among elderly members of the community. Therefore, improvements in health conditions, with actions towards sustaining an autonomous life with special attention for elderly with cognitive impairment, could mean additional healthy quality of life, resulting in the reduction of premature mortality in this population

Resiliência e velhice: um estudo de fatores de risco e de proteção na saúde do idoso

Resilience consists of a capacity to adapt and overcome situations of risk, from the aid of protective factors. This construct constitutes a process of preventive and multidimensional present in all stages of human development. During this development, it has been immersed in the elderly biopsychosocial changes resulting from the aging process. In this sense, there was a need for a multidisciplinary study, combining psychology, medicine, nursing, social work and gerontology in order to check the resilience, its risk factors, such as life events and health, and protection, such as self-esteem and social support. For this, we performed a descriptive exploratory study of cross-sectional nature, along with a convenience sample consisting of 65 elderly users of the public health of the district east of the city of Natal/RN, Brazil. This research allowed the collection of socio-demographic, economic, relational, physical, biological and psychological in understanding the aging process. It is observed that the studied sample socio-economic status and chronic health conditions in their own lives and their families, that demand for care and attention every day, are resilient, have faced significant losses, have positive self-esteem and social support perceived as external satisfactory. Given this multidimensional nature, the aging process deserves the attention of many professionals and health policies, seeking provide to the elderly a better living conditions and mechanisms that promote well-being and health

Abordagem dos aspectos psicológicos da mulher infértil :um estudo quali-quantitativo

Purpose: assess the frequency of stress and anxiety levels in infertile women, correlate these aspects with risk factors and qualitatively analyze feelings resultant from the inability to conceive, in order to obtain data for specific psychological guidance. Methods: the case-control study included a total of 302 women, 152 being infertile (case group: 30.3 ± 5.4 years), and 150 non-fertile (control group: 25.7 ± 7.9 years). The quantitative approach involved the application of Lipp s Stress Symptoms Inventory (LSSI) and State-Trait Anxiety Inventory (STAI), whereas the qualitative approach consisted of a semi-structured interview. Response variables considered were: stress frequency and anxiety scores (State and Trait). Statistical analysis compared frequencies and medians between groups, by means of qui-squared and Mann-Whitney tests, respectively, and constructed logistical regression models to test associations between response variables and risk factors considered. Qualitative data were analyzed descriptively and categorized in order to perform correspondence analysis. The level of significance was 5%. Results: in the study sample, stress frequency was higher in the case group than in the control(61.8 and 36.0%, respectively), however, significant differences were not observed between groups in relation to stress phases and predominant symptomology type. With respect to anxiety, there were no significant differences between case and control groups as to median state scores [39.5 (35.0 46.0) and 41.0 (35.7 47.0 ); respectively) and anxiety trait scores [44.0 (34.0 51.0) and 42.0 (36.0 49.2); respectively). Risk factors significantly associated with greater risk for high anxiety scores in the case group were: primary infertility, unawareness of the causal factor, diagnostic phase investigation, religion, lack of children from other marriages and the fact that the woman was previously married. The qualitative approach demonstrated that infertility provokes emotional responses, such as sadness, anxiety, anger, fear and guilt. Conclusions: it can be concluded that infertile women are more vulnerable to stress; however, they are capable of adapting to stressful events without serious physical or psychological compromising

O educando com síndrome de down: um estudo sobre a relação entre pais e profissionais na escola regular

This work makes a documental analise about the relationship between families of Down syndrome students and professionals of who teach them, in order to improve the process of developing teaching-learning, in an inclusive perspective. For this, we use a qualitative approach, because we believe that the object of research is not a passive and neutral knowledge, since it has meanings and relationships whose can be better interpreted and understood by the researcher in a real and active situation. For the development of this research, a bibliographical review was made about the subject, and a case studied in two regular education schools, both of them at the city of Natal/RN, one public and another one particular. We work on these educational institutions with professionals and parents of Down syndrome students. As an instrument of building information we used a semi-structured interview and to analise the results a qualitative method. Crossing the stages, we noticed: the pedagogical coordinators who made up both analyzed schools showed interest about doing an effective work with parents, regardless of Educational Policy Project of each school, predict or not the participation on educational undertaken process; On teachers discourses, reporting the relationship with the family, we realize that one of those teachers try to keep a good relationship with parents, permeated by learning exchanges, guidance and knowledge, in relation to another one, even existing an apparent openness to dialogue, when parents have any suggestions or criticism, that attitude is not always well coming. From the parents interviews, we can emphasize, first of all, that both of them recognize the benefits of inclusion, with regard to socialization - in general from the coexistence with pairs and the process of teaching and learning, as shown in a consistent way. Regarding school meetings with teachers, the studied parents agree about importance of such appointments and try to attend them, besides the other events organized by the school, beyond keeping individual touch with the teacher, when necessary. They are always present, looking for get envolved in everything that happens at school, in order to know better what is being done, listening and may suggest alternatives to improving the educational process. We perceive, from the study undertaken, that although the school inclusion is not an easy process to be built, is something that could be achieved. For this, is necessary that professionals of education and families recognize their functions in the educational process and act jointly on this direction

Turismo de eventos como estratégia no combate à sazonalidade: uma análise na hotelaria de Natal - RN

The aim of this work is to analyse the tourism events and the performance of this segment from market as strategy in the combat of Natal's hotel seasonality, in the executives/managers's vision from this sector. Two searches were realized to turn available this study: Inicialy a bibliographic search involving the concepts associated with the tematic in question so that it arranges the embasament theoric-scientific and a survey from facts through the country search, where it was applicable in the establishments of work's population with the auxiliary from a formulary answered by a personal interview. The analyses techniques through facts were: estatistic descritive and Kolmogorov-smirnov test.Among the results found, it was verified that the main reasons alleged by the hotels to ingress in the segment from the events were the alinement from the competitive company, the diversification in the options in the sense of occupy the establishments during the period of low season and answer to the demand of market. Investigated the profile from the events occured in the Natal hotels referring to the port, public origin , kinds of events and frequency from their realizations, as well as , the capacity from these establishments to attend this segment.It was noticed that in spite of the hotels agree that the events are important estrategies to combat the seasonality, the establishments still suffer with the flutuation, what can be justified from the moment that it's considered that the events also behave from seasonal manner, having more concentration in certain periods from the year. It was evaluated that the main advantage noticed by the realization from the hotels's events is the utilization from alimentation and drinking services, surpassing the advantage from elevation of taxes occupation from the apartments

Estratégia pública de gestão ambiental :uma contribuição para a realização de eventos públicos

The present study is included in the environmental international theme, approaching the search for the environmental conformity in public events. It describes the main environmental impacts, objects of the study Sound Disturbances, implications concerning the increase in the Volume of Traffic and in the volume of Solid Residues generated in the surroundings of the event. The methodology used consists of the report of the case study of the festivity called Carnatal, held in Natal/RN, in December of 2001. As a work method, it was used a quantitative evaluation of the sound intensity level, according to the effective legislation, an electronic count of volume of traffic and an evaluation of the productive performance of the means of production of public urban sanitation company used in the event. The results pinpoint the recognition of the impacts generated by the event and the proposition of a Program of Environmental Management, aiming at, in addition to the establishment of the instruments and goals for the mitigation of the impacts, defining the role of the social actors in the search for the environmental conformity of festivities

Representações de professores de língua inglesa de Natal-RN: um estudo sistêmico-funcional

Teaching and learning representations have been more and more investigated in the Brazilian applied linguistics field, as it allows the understanding of the teachers representations and how they conceive the learning process. This practice facilitates the planning of actions to improve the educational system. This study aims at identifying, interpreting and discussing some representations related to the identity and professional view of English as a foreign language teachers in different school contexts of Natal-RN. The theoretical and methodological foundation for this research is Halliday s Systemic- Functional Linguistics (1994; HALLIDAY; MATHIESSEN, 2004; EGGINS, 1994, among others). Our goal was to reveal the teachers representations embedded in their language, mainly through the ideational metafunction, as language is the tool we use to express ourselves about the external world (events, qualities, things, etc) and the internal world (thoughts, beliefs, feelings, etc). The research corpus is made of 21 teacher narratives, generated from a questionnaire sent to the teachers, who were divided in two groups: Group 1 (public schools teachers) and Group 2 (private schools and English course teachers). Most of the participants seemed to be satisfied with their professional choice. Many of them see the job as a challenge and an opportunity to transmit knowledge. All of them affirmed that the English teacher is a professional, for different reasons; however, the low professional appreciation was a recurrent aspect among the studied narratives. When asked about where they work, the private school teachers seemed to be more satisfied with the teaching-learning process than the ones from the public schools. We believe that the data analyzed in this study is important to show how some English teachers from Natal-RN see their profession. The results might be used in continuing education courses as food-for-thought in group discussions, as it is extremely important to emphasize and stimulate this practice

A imagem do Brasil na mídia impressa portuguesa: um estudo do caso diário de notícias e público

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Caracterização estatística de processos sísmicos via Distribuição Generalizada de Pareto. Estudo de caso: João Câmara-RN

The work is to make a brief discussion of methods to estimate the parameters of the Generalized Pareto distribution (GPD). Being addressed the following techniques: Moments (moments), Maximum Likelihood (MLE), Biased Probability Weighted Moments (PWMB), Unbiased Probability Weighted Moments (PWMU), Mean Power Density Divergence (MDPD), Median (MED), Pickands (PICKANDS), Maximum Penalized Likelihood (MPLE), Maximum Goodness-of-fit (MGF) and the Maximum Entropy (POME) technique, the focus of this manuscript. By way of illustration adjustments were made for the Generalized Pareto distribution, for a sequence of earthquakes intraplacas which occurred in the city of João Câmara in the northeastern region of Brazil, which was monitored continuously for two years (1987 and 1988). It was found that the MLE and POME were the most efficient methods, giving them basically mean squared errors. Based on the threshold of 1.5 degrees was estimated the seismic risk for the city, and estimated the level of return to earthquakes of intensity 1.5°, 2.0°, 2.5°, 3.0° and the most intense earthquake never registered in the city, which occurred in November 1986 with magnitude of about 5.2º