Redescription of Travassiella avitellina Rego & Pavanelli, 1987 (Proteocephalidea: Monticelliidae, Zygobothriinae), a parasite of Paulicea luetkeni (Siluriformes) from South America

The genus Travassiella Rego & Pavanelli, 1987 comprises only one species, T. avitellina Rego & Pavanelli, 1987; characterized by these authors on the basis of absence of vitelline follicles. In this study, the presence of cortical vitelline follicles in this species is confirmed after de Chambrier and Vaucher (1999); the redescription was performed for the first time based on type and new material collected from Argentina, Brazil and Paraguay. Travassiella is confirmed as a valid genus, and compared to other genera of the subfamily Zygobothriinae. T. avitellina is characterized by: (1) the presence of gland cells posteromedially to suckers; (2) the particular distribution of vitelline follicles, forming lateral arches; (3) uterine primordium cortical, growing into medulla and forming a sac-like uterus; (4) eggs, irregularly oval, outer envelop with excrescences and two digitate lappets in one of the poles.

Sequence analysis of coding DNA fragments of pfcrt and pfmdr-1 genes in Plasmodium falciparum isolates from Odisha, India

The global emergence and spread of malaria parasites resistant to antimalarial drugs is the major problem in malaria control. The genetic basis of the parasite's resistance to the antimalarial drug chloroquine (CQ) is well-documented, allowing for the analysis of field isolates of malaria parasites to address evolutionary questions concerning the origin and spread of CQ-resistance. Here, we present DNA sequence analyses of both the second exon of the Plasmodium falciparum CQ-resistance transporter (pfcrt) gene and the 5' end of the P. falciparum multidrug-resistance 1 (pfmdr-1) gene in 40 P. falciparum field isolates collected from eight different localities of Odisha, India. First, we genotyped the samples for the pfcrt K76T and pfmdr-1 N86Y mutations in these two genes, which are the mutations primarily implicated in CQ-resistance. We further analyzed amino acid changes in codons 72-76 of the pfcrt haplotypes. Interestingly, both the K76T and N86Y mutations were found to co-exist in 32 out of the total 40 isolates, which were of either the CVIET or SVMNT haplotype, while the remaining eight isolates were of the CVMNK haplotype. In total, eight nonsynonymous single nucleotide polymorphisms (SNPs) were observed, six in the pfcrt gene and two in the pfmdr-1 gene. One poorly studied SNP in the pfcrt gene (A97T) was found at a high frequency in many P. falciparum samples. Using population genetics to analyze these two gene fragments, we revealed comparatively higher nucleotide diversity in the pfcrt gene than in the pfmdr-1 gene. Furthermore, linkage disequilibrium was found to be tight between closely spaced SNPs of the pfcrt gene. Finally, both the pfcrt and the pfmdr-1 genes were found to evolve under the standard neutral model of molecular evolution.

O impacto da liquidez nos retornos esperados das debêntures brasileiras

Neste trabalho, teve-se como objetivo identificar o impacto do risco de liquidez nos retornos excedentes esperados das debêntures no mercado secundário brasileiro. Foram realizadas análises de regressão em painel desbalanceado com dados semestrais de 101 debêntures ao longo de oito semestres (primeiro semestre de 2006 ao segundo semestre de 2009), totalizando 382 observações. Sete proxies (spread de compra e venda, %zero returns, idade, volume de emissão, valor nominal de emissão, quantidade emitida e %tempo) foram utilizadas para testar o impacto do risco de liquidez nos yield spreads das debêntures. O yield spread foi controlado por até dez outras variáveis determinantes que não a liquidez (fator de juros, fator de crédito, taxa livre de risco, rating, duration, quatro variáveis contábeis e volatilidade de equity). A hipótese nula de que não há prêmio de liquidez para o mercado secundário de debêntures no Brasil foi rejeitada apenas para três das sete proxies (spread de compra e venda, valor nominal de emissão e quantidade emitida). Os prêmios encontrados são bastante baixos (1,9 basis point para cada 100 basis point de incremento no spread de compra e venda, 0,5 basis point para um aumento de 1% no valor do valor nominal de emissão e 0,17 basis point para cada menos 1.000 debêntures emitidas). De qualquer forma, houve perda na eficiência das proxies de liquidez após correção das autocorrelações e potenciais endogeneidades, seja por meio da inclusão de efeitos fixos, da análise de primeiras diferenças ou da utilização de um sistema de três equações. Esses resultados apontam para a suspeita de que o risco de liquidez não é um fator importante na composição das expectativas dos investidores no mercado secundário de debêntures.

Analysis of multi-scale systemic risk in Brazil's financial market

This work analyzes whether the relationship between risk and returns predicted by the Capital Asset Pricing Model (CAPM) is valid in the Brazilian stock market. The analysis is based on discrete wavelet decomposition on different time scales. This technique allows to analyze the relationship between different time horizons, since the short-term ones (2 to 4 days) up to the long-term ones (64 to 128 days). The results indicate that there is a negative or null relationship between systemic risk and returns for Brazil from 2004 to 2007. As the average excess return of a market portfolio in relation to a risk-free asset during that period was positive, it would be expected this relationship to be positive. That is, higher systematic risk should result in higher excess returns, which did not occur. Therefore, during that period, appropriate compensation for systemic risk was not observed in the Brazilian market. The scales that proved to be most significant to the risk-return relation were the first three, which corresponded to short-term time horizons. When treating differently, year-by-year, and consequently separating positive and negative premiums, some relevance is found, during some years, in the risk/return relation predicted by the CAPM. However, this pattern did not persist throughout the years. Therefore, there is not any evidence strong enough confirming that the asset pricing follows the model.

U.S. subprime financial crisis contagion on BRIC and European Union stock markets

ABSTRACTThe Copula Theory was used to analyze contagion among the BRIC (Brazil, Russia, India and China) and European Union stock markets with the U.S. Equity Market. The market indexes used for the period between January 01, 2005 and February 27, 2010 are: MXBRIC (BRIC), MXEU (European Union) and MXUS (United States). This article evaluated the adequacy of the main copulas found in the financial literature using log-likelihood, Akaike information and Bayesian information criteria. This article provides a groundbreaking study in the area of contagion due to the use of conditional copulas, allowing to calculate the correlation increase between indexes with non-parametric approach. The conditional Symmetrized Joe-Clayton copula was the one that fitted better to the considered pairs of returns. Results indicate evidence of contagion effect in both markets, European Union and BRIC members, with a 5% significance level. Furthermore, there is also evidence that the contagion of U.S. financial crisis was more pronounced in the European Union than in the BRIC markets, with a 5% significance level. Therefore, stock portfolios formed by equities from the BRIC countries were able to offer greater protection during the subprime crisis. The results are aligned with recent papers that present an increase in correlation between stock markets, especially in bear markets.

Effect of investments on fundamentals and market reaction on pre-operational and operational Brazilian companies for the period 2006-2012

ABSTRACT This paper provides evidence on the market reaction to corporate investment decisions whose shareholder value is largely attributed to growth options. The exploratory research raised pre-operational companies and their operational pairs on the same economy segments. It had the purpose of investigating the existence of statistical differentiation from financial indicators that reflect the installed assets and growth assets, and then study the market reaction to changes in fixed assets as a signaling element about investment decisions. The formation process of operational assets and shareholder value almost exclusively dependent on asset growth stands out in the pre-operational companies. As a result, differentiation tests confirmed that the pre-operational companies had their value especially derived on growth options. The market reaction was particularly bigger in pre-operational companies with abnormal negative stock returns, while the operational companies had positive returns, which may indicate that the quality of the investment is judged based on the financial disclosure. Additionally, operational companies' investors await the disclosure to adjust their prices. We conclude that the results are consistent with the empirical evidence and the participants in financial markets to long-term capital formation investments should give that special attention.

State-space approach to evaluate the relation between soil physical and chemical properties

The state-space approach is used to evaluate the relation between soil physical and chemical properties in an area cultivated with sugarcane. The experiment was carried out on a Rhodic Kandiudalf in Piracicaba, State of São Paulo, Brazil. Sugarcane was planted on an area of 0.21 ha i.e., in 15 rows 100 m long, spaced 1.4 m. Soil water content, soil organic matter, clay content and aggregate stability were sampled along a transect of 84 points, meter by meter. The state-space approach is used to evaluate how the soil water content is affected by itself and by soil organic matter, clay content, and aggregate stability of neighboring locations, in different combinations, aiming to contribute to a better understanding of the relation among these variables in the soil. Results show that soil water contents were successfully estimated by this approach. Best performances were found when the estimate of soil water content at locations i was related to soil water content, clay content and aggregate stability at locations i-1. Results also indicate that this state-space model using all series describes the soil water content better than any equivalent multiple regression equation.

Selecting statistical models to study the relationship between soybean yield and soil physical properties

Statistical models allow the representation of data sets and the estimation and/or prediction of the behavior of a given variable through its interaction with the other variables involved in a phenomenon. Among other different statistical models, are the autoregressive state-space models (ARSS) and the linear regression models (LR), which allow the quantification of the relationships among soil-plant-atmosphere system variables. To compare the quality of the ARSS and LR models for the modeling of the relationships between soybean yield and soil physical properties, Akaike's Information Criterion, which provides a coefficient for the selection of the best model, was used in this study. The data sets were sampled in a Rhodic Acrudox soil, along a spatial transect with 84 points spaced 3 m apart. At each sampling point, soybean samples were collected for yield quantification. At the same site, soil penetration resistance was also measured and soil samples were collected to measure soil bulk density in the 0-0.10 m and 0.10-0.20 m layers. Results showed autocorrelation and a cross correlation structure of soybean yield and soil penetration resistance data. Soil bulk density data, however, were only autocorrelated in the 0-0.10 m layer and not cross correlated with soybean yield. The results showed the higher efficiency of the autoregressive space-state models in relation to the equivalent simple and multiple linear regression models using Akaike's Information Criterion. The resulting values were comparatively lower than the values obtained by the regression models, for all combinations of explanatory variables.

Inter-relation between soybean yield and soil compaction under degraded pasture in Brazilian Savannah

The Cerrado (Brazilian Savannah) plays an important economic and financial role in the nation, since the pastures of this biome feed cattle for half of the domestic bovine meat productivity, and its agricultural fields produce a third of the country's grain. The variability and spatial dependence between the soil physical attributes and soybean yield were evaluated in a crop rotation planted on a degraded brachiaria pasture, on a dystroferric Red Latosol of an experimental farm of the State University of São Paulo (UNESP), in the 2005/2006 growing season. The linear and spatial correlations between these attributes were also studied, to determine conditions that would allow increased agricultural productivity. In the above pasture area, a grid was installed with 124 plots, spaced 10.0 x 10.0 m and 5.0 x 5.0 m apart, in a total area of 7,500 m². From the linear and spatial point of view, the high grain yield can be explained by the number of grains per plant and soil macroporosity. The high variability observed for most soil properties indicated that the crop - livestock integration system results in environmental heterogeneity of the soil.

Spatial relationships between soil attributes and corn yield in no-tillage system

Soil properties play an important role in spatial variability of crop yield. However, a low spatial correlation has generally been observed between maps of crop yield and of soil properties. The objectives of the present investigation were to assess the spatial pattern variability of soil properties and of corn yield at the same sampling intensity, and evaluate its cause-and-effect relationships. The experimental site was structured in a grid of 100 referenced points, spaced at 10 m intervals along four parallel 250 m long rows spaced 4.5 m apart. Thus, points formed a rectangle containing four columns and 25 rows. Therefore, each sampling cell encompassed an area of 45 m² and consisted of five 10 m long crop rows, in which the referenced points represented the center. Samples were taken from the layers 0-0.1 m and 0.1-0.2 m. Soil physical and chemical properties were evaluated. Statistical analyses consisted of data description and geostatistics. The spatial dependence of corn yield and soil properties was confirmed. The hypothesis of this study was confirmed, i.e., when sampling the soil to determine the values of soil characteristics at similar to sampling intensity as for crop yield assessments, correlations between the spatial distribution of soil characteristics and crop yield were observed. The spatial distribution pattern of soil properties explained 65 % of the spatial distribution pattern of corn yield. The spatial distribution pattern of clay content and percentage of soil base saturation explained most of the spatial distribution pattern of corn yield.

Legumes and forage species sole or intercropped with corn in soybean-corn succession in midwestern Brazil

The feasibility of no-tillage in the Cerrado (Savanna-like vegetation of Brazil) depends on the production of sufficient above-ground crop residue, which can be increased by corn-forage intercropping. This study evaluated how above-ground crop residue production and yields of soybean and late-season corn in a soybean-corn rotation were influenced by the following crops in the year before soybean: corn (Zea mays L.) intercropped with Brachiaria (Urochloa) brizantha cv. Marandu, B. decumbens cv. Basilisk, B. ruziziensis, cv. comum., Panicummaximum cv. Tanzânia, sunn hemp (Crotalaria juncea L.), pigeon pea [Cajanus cajan (L.) Millsp]; sole corn, forage sorghum [Sorghum bicolor (L.) Moench (cv. Santa Elisa)], and ruzi grass. In March 2005, corn and forage species were planted in alternate rows spaced 0.90 m apart, and sole forage species were planted in rows spaced 0.45 m apart. In October 2005, the forages were killed with glyphosate and soybean was planted. After the soybean harvest in March 2006, sole late-season corn was planted in the entire experimental area. Corn grain and stover yields were unaffected by intercropping. Above-ground crop residue was greater when corn was intercropped with Tanzania grass (10.7 Mg ha-1), Marandu (10.1 Mg ha-1), and Ruzi Grass (9.8 Mg ha-1) than when corn was not intercropped (4.0 Mg ha-1). The intercropped treatments increased the percentage of soil surface covered with crop residue. Soybean and corn grain yields were higher after sole ruzi grass and intercropped ruzi grass than after other crops. The intercropping corn with Brachiaria spp. and corn with Panicum spp. increases above-ground crop residue production and maintains nutrients in the soil without reducing late-season corn yield and the viability of no-till in the midwestern region of Brazil.

Mineralogy of the clay fraction of Alfisols in two slope curvatures: III - spatial variability

A good knowledge of the spatial distribution of clay minerals in the landscape facilitates the understanding of the influence of relief on the content and crystallographic attributes of soil minerals such as goethite, hematite, kaolinite and gibbsite. This study aimed at describing the relationships between the mineral properties of the clay fraction and landscape shapes by determining the mineral properties of goethite, hematite, kaolinite and gibbsite, and assessing their dependence and spatial variability, in two slope curvatures. To this end, two 100 × 100 m grids were used to establish a total of 121 regularly spaced georeferenced sampling nodes 10 m apart. Samples were collected from the layer 0.0-0.2 m and analysed for iron oxides, and kaolinite and gibbsite in the clay fraction. Minerals in the clay fraction were characterized from their X-ray diffraction (XRD) patterns, which were interpreted and used to calculate the width at half height (WHH) and mean crystallite dimension (MCD) of iron oxides, kaolinite, and gibbsite, as well as aluminium substitution and specific surface area (SSA) in hematite and goethite. Additional calculations included the goethite and hematite contents, and the goethite/(goethite+hematite) [Gt/(Gt+Hm)] and kaolinite/(kaolinite+gibbsite) [Kt/(Kt+Gb)] ratios. Mineral properties were established by statistical analysis of the XRD data, and spatial dependence was assessed geostatistically. Mineralogical properties differed significantly between the convex area and concave area. The geostatistical analysis showed a greater number of mineralogical properties with spatial dependence and a higher range in the convex than in the concave area.

Optimization of the sampling scheme for maps of physical and chemical properties estimated by kriging

The sampling scheme is essential in the investigation of the spatial variability of soil properties in Soil Science studies. The high costs of sampling schemes optimized with additional sampling points for each physical and chemical soil property, prevent their use in precision agriculture. The purpose of this study was to obtain an optimal sampling scheme for physical and chemical property sets and investigate its effect on the quality of soil sampling. Soil was sampled on a 42-ha area, with 206 geo-referenced points arranged in a regular grid spaced 50 m from each other, in a depth range of 0.00-0.20 m. In order to obtain an optimal sampling scheme for every physical and chemical property, a sample grid, a medium-scale variogram and the extended Spatial Simulated Annealing (SSA) method were used to minimize kriging variance. The optimization procedure was validated by constructing maps of relative improvement comparing the sample configuration before and after the process. A greater concentration of recommended points in specific areas (NW-SE direction) was observed, which also reflects a greater estimate variance at these locations. The addition of optimal samples, for specific regions, increased the accuracy up to 2 % for chemical and 1 % for physical properties. The use of a sample grid and medium-scale variogram, as previous information for the conception of additional sampling schemes, was very promising to determine the locations of these additional points for all physical and chemical soil properties, enhancing the accuracy of kriging estimates of the physical-chemical properties.

Surface mapping, organic matter and water stocks in peatlands of the Serra do Espinhaço meridional - Brazil

Peatlands are soil environments that store carbon and large amounts of water, due to their composition (90 % water), low hydraulic conductivity and a sponge-like behavior. It is estimated that peat bogs cover approximately 4.2 % of the Earth's surface and stock 28.4 % of the soil carbon of the planet. Approximately 612 000 ha of peatlands have been mapped in Brazil, but the peat bogs in the Serra do Espinhaço Meridional (SdEM) were not included. The objective of this study was to map the peat bogs of the northern part of the SdEM and estimate the organic matter pools and water volume they stock. The peat bogs were pre-identified and mapped by GIS and remote sensing techniques, using ArcGIS 9.3, ENVI 4.5 and GPS Track Maker Pro software and the maps validated in the field. Six peat bogs were mapped in detail (1:20,000 and 1:5,000) by transects spaced 100 m and each transect were determined every 20 m, the UTM (Universal Transverse Mercator) coordinates, depth and samples collected for characterization and determination of organic matter, according to the Brazilian System of Soil Classification. In the northern part of SdEM, 14,287.55 ha of peatlands were mapped, distributed over 1,180,109 ha, representing 1.2 % of the total area. These peatlands have an average volume of 170,021,845.00 m³ and stock 6,120,167 t (428.36 t ha-1) of organic matter and 142,138,262 m³ (9,948 m³ ha-1) of water. In the peat bogs of the Serra do Espinhaço Meridional, advanced stages of decomposing (sapric) organic matter predominate, followed by the intermediate stage (hemic). The vertical growth rate of the peatlands ranged between 0.04 and 0.43 mm year-1, while the carbon accumulation rate varied between 6.59 and 37.66 g m-2 year-1. The peat bogs of the SdEM contain the headwaters of important water bodies in the basins of the Jequitinhonha and San Francisco Rivers and store large amounts of organic carbon and water, which is the reason why the protection and preservation of these soil environments is such an urgent and increasing need.

Water storage variability in a vineyard soil in the southern highlands of Santa Catarina state

In the subtropical regions of southern Brazil, rainfall distribution is uneven, which results in temporal variability of soil water storage. For grapes, water is generally available in excess and water deficiency occurs only occasionally. Furthermore, on the Southern Plateau of Santa Catarina, there are differences in soil properties, which results in high spatial variability. These two factors affect the composition of wine grapes. Spatio-temporal analyses are therefore useful in the selection of cultural practices as well as of adequate soils for vineyards. In this way, well-suited areas can produce grapes with a more appropriate composition for the production of quality wines. The aim of this study was to evaluate the spatio-temporal variability of water storage in a Cambisol during the growth cycle of a Cabernet Sauvignon vineyard and its relation to selected soil properties. The experimental area consisted of a commercial 8-year-old vineyard in São Joaquim, Santa Catarina, Brazil. A sampling grid with five rows and seven points per row, spaced 12 m apart, was outlined on an area of 3,456 m². Soil samples were collected with an auger at these points, 0.30 m away from the grapevines, in the 0.00-0.30 m layer, to determine gravimetric soil moisture. Measurements were taken once a week from December 2008 to April 2009, and every two weeks from December 2009 to March 2010. In December 2008, undisturbed soil samples were collected to determine bulk density, macro- and microporosity, and disturbed samples were used to quantify particle size distribution and organic carbon content. Results were subjected to descriptive analysis and semivariogram analysis, calculating the mean relative difference and the Pearson correlation. The average water storage in a Cambisol under grapevine on ridges had variable spatial dependence, i.e., the lower the average water storage, the higher the range of spatial dependence. Water storage had a stable spatial pattern during the trial period, indicating that the points with lower water storage or points with higher water storage during a certain period maintain these conditions throughout the experimental period. The relative difference is a simple method to identify positions that represent the average soil water storage more adequately at any time for a given area.