Mercado de ações brasileiro: uma investigação empírica sobre suas relações de longo prazo e de precedência temporal pré-crise de 2008

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Underlying dynamics of typical fluctuations of an emerging market price index: the Heston model from minutes to months

We investigate the Heston model with stochastic volatility and exponential tails as a model for the typical price fluctuations of the Brazilian São Paulo Stock Exchange Index (IBOVESPA). Raw prices are first corrected for inflation and a period spanning 15 years characterized by memoryless returns is chosen for the analysis. Model parameters are estimated by observing volatility scaling and correlation properties. We show that the Heston model with at least two time scales for the volatility mean reverting dynamics satisfactorily describes price fluctuations ranging from time scales larger than 20min to 160 days. At time scales shorter than 20 min we observe autocorrelated returns and power law tails incompatible with the Heston model. Despite major regulatory changes, hyperinflation and currency crises experienced by the Brazilian market in the period studied, the general success of the description provided may be regarded as an evidence for a general underlying dynamics of price fluctuations at intermediate mesoeconomic time scales well approximated by the Heston model. We also notice that the connection between the Heston model and Ehrenfest urn models could be exploited for bringing new insights into the microeconomic market mechanics. (c) 2005 Elsevier B.V. All rights reserved.

Comparison of the accuracy for three dental impression techniques and index: An in vitro study

Objectives: This in vitro study compared the dimensional accuracy of stone index (I) and three impression techniques: tapered impression copings (T), squared impression copings (S) and modified squared impression copings (MS) for implant-supported prostheses. Methods: A master cast, with four parallel implant abutment analogs and a passive framework, were fabricated. Vinyl polysiloxane impression material was used for all impressions with two metal stock trays (open and closed tray). Four groups (I, T, S and MS) were tested (n = 5). A metallic framework was seated on each of the casts, one abutment screw was tightened, and the gap between the analog of implant and the framework was measured with a stereomicroscope. The groups' measurements (80 gap values) were analyzed using software (LeicaQWin - Leica Imaging Systems Ltd.) that received the images of a video camera coupled to a Leica stereomicroscope at 100× magnification. The results were statistically analyzed with Kruskal-Wallis One Way ANOVA on Ranks test followed by Dunn's Method, 0.05. Results: The mean values of abutment/framework interface gaps were: Master Cast = 32 μm (SD 2); Group I = 45 μm (SD 3); Group T = 78 μm (SD 25); Group S = 134 μm (SD 30); Group MS = 143 μm (SD 27). No significant difference was detected among Index and Master Cast (P = .05). Conclusion: Under the limitations of this study, it could be suggested that a more accurate working cast is possible using tapered impression copings techniques and stone index. © 2013 Japan Prosthodontic Society.

Uma análise clinimétrica dos índices articular extra-articular do Juvenile Arthritis Damage Index(JADI-A e JADI-E) na artrite isiopática juvenil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Caracterização Petrográfica e Tecnológica de Granitos Ornamentais do Stock Granítico Serra do Barriga, Sobral/CE

São apresentados resultados de análises petrográficas e do comportamento tecnológico de quatro variedades de granitos ornamentais do stock Serra do Barriga, localizado a NNW do estado do Ceará. Os tipos investigados são comercialmente conhecidos por Rosa Iracema, Rosa Olinda, Branco Savana e Branco Cristal Quartzo e correspondem a variedades de sienogranitos e monzogranitos, isotrópicos, inequigranulares de granulação média a grossa, com coloração que variam entre rosa e branco. Os resultados dos ensaios tecnológicos, com parâmetros físico-mecânicos bastante similares entre as quatro rochas, situam os granitos analisados como detentores de boas propriedades tecnológicas, indicados para utilização como pisos, bancadas, revestimentos de fachadas horizontais e verticais em ambientes de interiores e de exteriores. Correlações entre os resultados físico-mecânicos e características petrográficas das rochas mostram a influência dos aspectos mineralógicos, texturais e estruturais no comportamento de determinadas propriedades tecnológicas exibidas pelos referidos granitos ornamentais. Dentre os parâmetros petrográficos de maior influência verificados destacam-se a granulação grossa das rochas, teores de quartzo, grau de microfissuramento e alterações minerais, os quais controlam, em maior ou menor proporção, a porosidade aparente e consequente absorção d’água, resistência mecânica (compressão uniaxial; esforços flexores; impacto), desgaste abrasivo Amsler, dilatação térmica e propagação de ondas ultrassônicas exibidas pelos granitos.

Information access law and disclosing of information by joint-stock companies in Brazil: open data and Extensible Business Reporting Language (XBRL) standard

The strategic management of information plays a fundamental role in the organizational management process since the decision-making process depend on the need for survival in a highly competitive market. Companies are constantly concerned about information transparency and good practices of corporate governance (CG) which, in turn, directs relations between the controlling power of the company and investors. In this context, this article presents the relationship between the disclosing of information of joint-stock companies by means of using XBRL, the open data model adopted by the Brazilian government, a model that boosted the publication of Information Access Law (Lei de Acesso à Informação), nº 12,527 of 18 November 2011. Information access should be permeated by a mediation policy in order to subsidize the knowledge construction and decision-making of investors. The XBRL is the main model for the publishing of financial information. The use of XBRL by means of new semantic standard created for Linked Data, strengthens the information dissemination, as well as creates analysis mechanisms and cross-referencing of data with different open databases available on the Internet, providing added value to the data/information accessed by civil society.