Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Razão e Fé: estudo do grupo de oração como prática complementar na promoção à saúde

The World Health Organization (WHO) has given special attention to therapeutic procedures other than those practiced in conventional therapy, including homeopathy, phytotherapy, spiritual therapies and prayers, making possible the transition from a mere medicalizating model to a holistic view of the human being. This trend, earmarked in 1978 at the Alma-Ata Conference, questions the ability of technological and specialized medicine to solve the health problems of humankind. In Brazil, the onset of the Brazilian unified health system in 1988, introduced changes in the population s health care model where, within the scope of basic care, emphasis has been given to the Family Health Program since 1994. In this scenery, there is a broad area of complementary practices used in promoting health and preventing and treating diseases to support an understanding of the habits and beliefs underpinning popular practices. The purpose of this study was to analyze the perception users participating in the Peace and Balance group of the Family Health Unit of Nova Cidade, in Natal, Rio Grande do Norte, started in 1999, have of the relationship between the experience of prayer and the changes that may have taken place in their lives after joining the group. It is a case study of descriptive nature and qualitative approach. The data were collected during focus group interviews between January and February 2007, using as tools a questionnaire to describe the research participants and a discussion outline. The theoretical support approached the following: religion and the evolution of thought; complementary health practices; and religion as a complementary health practice. Those interviewed reported, as results of such experience, a reduction in stress and depression, an increase in socialization and self-esteem, improved family interaction, comfort, safety, assurance, improved blood pressure levels and a decrease in the use of antihypertension medication and psychopharmacs. Although most professionals do not consider attention to the religious and spiritual aspects an effective therapeutical complement in health care, its understanding and practice may democratize knowledge and relationships, out of which they can learn how to make health production more effective, strengthening assurance and confidence, and developing and expanding soft technologies aimed at health care promotion and wholeness

Razão: origem, crise e respostas contemporâneas

The philosophical discussion has been present throughout the whole history of reason, for philosophy and reason have been always closely linked. In the following work, Reason, origin, crises and contemporary answers I go into the history of the rational and demonstrative thought, focusing on how rationality can be thought about in contemporary philosophy. To answer this question I discuss the principle of philosophy, the mythical period and the thoughts of Heraclito , Parmenides , Plato and Aristotle in relation to reason and rationality. Also discussed is the medieval period and the philosophical use of logic and the criticism of Aristotle s thoughts, especially focusing on the criticism of Hegel and Luckasiewicz of the non contradiction principle. Lastly I discuss the development of reason in present day philosophy, mainly how modern logics could be putting at stake Aristotle s model of reason

A crítica hegeliana do entendimento e a perspectiva da razão

The aim of this work is to present the critic of Hegel to the form of thinking of the Understanding (Verstand) and the perspective of a new concept of Reason (Vernunft) or rationality that then appears, and this tends as base the three moments of the logical process (the moment of the Understanding, Dialectical and the Speculative) presented by Hegel in the Encyclopedia of the Philosophical Sciences. It will be shown that this critic is done immanent to the own philosophy of Hegel, because the Understanding is so much the object of the critic, as one of the moments that constitute the own process logical-dialectic (method dialectic) that defines the rationality hegelian. Starting from that insert of the Understanding in the own Reason, we will see that the critic of Hegel won't just feel in a destructive way, in a such way that the Understanding totally goes denied, but before it will elevate this same Understanding at the level of the Reason speculative, removing like this your assumed place of absolute university of the truth and pointing it in your true place.

Prazer com razão: análise e crítica da ética sexual Kantiana

This work aims to present the foundations of Kantian ethics concerning to moral judgments about sexual practices. It shows that the sexual act, for the philosopher, inevitably degrades individuals who are taking part of it, given its objectifying nature, manifested in the usage of individuals as mere means to obtain pleasure. To solve this quandary of nature since humanity is an end in itself, by the virtue of being bearer of rationality and cannot, therefore, be treated as mere means Kant claims that marriage is morally the appropriate locus for the exercise of sexuality, given the reciprocity forged there, preventing degradation. In marriage, the bond established between the impulse of nature to the conservation of the species achieved through the sexual intercourse opened to procreation and the duty of man in regarding himself as an animal being preserving the species without degrading the person is accomplished in a fully moral way. This text clarifies that the justification for the assumption of this solution is fixed at two developments of the categorical imperative: the formulas of the law of nature and humanity. Despite the fact the first brings significant contributions to human relations through the concept of reciprocity, the second establishes a normative role for the teleological argument of sexuality, becoming an obstacle in kantian's practical philosophy. To overcome that obstacle, we outline a critics which relies on the studies of Michel Foucault about sex and the power techniques related to them, producer of a scientia sexualis in the Western, demonstrating that the moral of the philosopher from Königsberg is also present in this project somehow. Finally, in a foucaultian's reading of kantian Aufklärung, we recognize that, to propose new ethical possibilities of the experience of sexuality, it is necessary to think and create new relational spaces in which the subject takes autonomously the government of self.

A razão embotada: ensaios de crítica literária

A obra "A razão embotada: ensaios de crítica literária", de autoria do prof. Andrey Pereira de Oliveira, do Departamento de Letras da UFRN, é composta por 14 ensaios que discorrem acerca de obras das literaturas brasileira e universal. Os textos tiveram uma primeira publicação em livros coletivos, revistas acadêmicas ou anais de congressos científicos e passaram por adaptações para reunião neste volume.

Sequências de Fibonacci e a Razão Áurea - aplicações no ensino básico

This thesis aims to present a study of the Fibonacci sequence, initiated from a simple problem of rabbits breeding and the Golden Ratio, which originated from a geometrical construction, for applications in basic education. The main idea of the thesis is to present historical records of the occurrence of these concepts in nature and science and their influence on social, cultural and scientific environments. Also, it will be presented the identification and the characterization of the basic properties of these concepts and howthe connection between them occurs,and mainly, their intriguing consequences. It is also shown some activities emphasizing geometric constructions, links to other mathematics areas, curiosities related to these concepts and the analysis of questions present in vestibular (SAT-Scholastic Aptitude Test) and Enem(national high school Exam) in order to show the importance of these themes in basic education, constituting an excellent opportunity to awaken the students to new points of view in the field of science and life, from the presented subject and to promote new ways of thinking mathematics as a transformative science of society.

Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop