STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

Effect of stalk and leaf extracts from Euphorbiaceae species on Aedes aegypti (Diptera, Culicidae) larvae

The objective of this study was to evaluate the larvicidal activity of essential oil aqueous solutions (hydrolates) obtained by steam distillation of stalks and leaves of Croton argyrophylloides, Croton nepetaefolius, Croton sonderianus and Croton zehntneri against Aedes aegypti larvae. Twenty-five larvae of third instar were placed in plastic beckers, containing the hydrolates (50 mL), in a four repetitions scheme. Water was used as control and the number of dead larvae was counted after 24 hours. The data obtained were submitted to Variance Analysis and Tukey test. Significant differences were observed among the hydrolates from different species and from different parts of each plant (p < 0.001). The hydrolates of stalk and leaf from C. nepetaefolius and C. zehntneri and leaf hydrolate of C. argyrophylloides presented 100% mortality against larvae. The compounds present in C. zenhtneri and C. nepetaefolius are oxygenated phenylpropanoids that are more soluble in water than the monoterpenes and sesquiterpenes detected in the oils of C. argyrophylloides and C. sonderianus. This study showed that all species analyzed presented compounds with larvicidal properties, with differences between each plant parts.

Antibacterial activity of GUAVA, Psidium guajava Linnaeus, leaf extracts on diarrhea-causing enteric bacteria isolated from Seabob shrimp, Xiphopenaeus kroyeri (Heller)

Guava leaf tea of Psidium guajava Linnaeus is commonly used as a medicine against gastroenteritis and child diarrhea by those who cannot afford or do not have access to antibiotics. This study screened the antimicrobial effect of essential oils and methanol, hexane, ethyl acetate extracts from guava leaves. The extracts were tested against diarrhea-causing bacteria: Staphylococcus aureus, Salmonella spp. and Escherichia coli. Strains that were screened included isolates from seabob shrimp, Xiphopenaeus kroyeri (Heller) and laboratory-type strains. Of the bacteria tested, Staphylococcus aureus strains were most inhibited by the extracts. The methanol extract showed greatest bacterial inhibition. No statistically significant differences were observed between the tested extract concentrations and their effect. The essential oil extract showed inhibitory activity against S. aureus and Salmonella spp. The strains isolated from the shrimp showed some resistance to commercially available antibiotics. These data support the use of guava leaf-made medicines in diarrhea cases where access to commercial antibiotics is restricted. In conclusion, guava leaf extracts and essential oil are very active against S. aureus, thus making up important potential sources of new antimicrobial compounds.

CHARACTERIZATION OF MOLLUSCICIDAL COMPONENT OF Moringa oleifera LEAF AND Momordica charantia FRUITS AND THEIR MODES OF ACTION IN SNAIL Lymnaea acuminata

SUMMARY The molluscicidal activity of the leaf powder of Moringa oleifera and lyophilized fruit powder of Momordica charantia against the snail Lymnaea acuminata was time and concentration dependent. M. oleifera leaf powder (96 h LC50: 197.59 ppm) was more toxic than M. charantia lyophilized fruit powder (96 h LC50: 318.29 ppm). The ethanolic extracts of M. oleifera leaf powder and Momordica charantia lyophilized fruit powder were more toxic than other organic solvent extracts. The 96 h LC50 of the column purified fraction of M. oleifera leaf powder was 22.52 ppm, while that of M. charantia lyophilized fruit powder was 6.21 ppm. Column, thin layer and high performance liquid chromatography analysis show that the active molluscicidal components in M. oleifera leaf powder and lyophilized fruit of M. charantia are benzylamine (96 h LC50: 2.3 ppm) and momordicine (96 h LC50: 1.2 ppm), respectively. Benzylamine and momordicine significantly inhibited, in vivo and in vitro, the acetylcholinesterase (AChE), acid and alkaline phosphatase (ACP/ALP) activities in the nervous tissues of L. acuminata. Inhibition of AChE, ACP and ALP activity in the nervous tissues of L. acuminata by benzylamine and momordicine may be responsible for the molluscicidal activity of M. oleifera and M. charantia fruits, respectively.

Leaf extracts of Melia azedarach Linnaeus (Sapindales: Meliaceae) act as larvicide against Aedes aegypti (Linnaeus, 1762) (Diptera: Culicidae)

The objective of this study was to compare the larvicidal effect of hydroethanolic extracts of fresh and dry leaves of Melia azedarach Linnaeus (Sapindales: Meliaceae) on Aedes aegypti (Linnaeus, 1762) (Diptera: Culicidae). All the extracts evaluated induced mortality among the third and fourth instar larvae of Aedes aegypti after 24 and 48 hours of exposure to the products. Although previous studies had demonstrated the action of seeds and fruits of Melia azedarach against the larvae of different Aedes aegypti populations, the present report is the first to show the larvicidal effect of the fresh and dry leaves of this plant.

Larvicidal effect of dried leaf extracts from Pinus caribaea against Aedes aegypti (Linnaeus, 1762) (Diptera: Culicidae)

In this study, the larvicidal activity of dried leaf extracts from Pinus caribaea Morelet against Aedes aegypti was evaluated for the first time. Pinus caribaea extracts were obtained by macerating dried leaves in alkaline hydroethanol, ethanol and acetone solutions followed by evaporation under reduced pressure. The lignin content was quantified using the thioglycolic acid complexation method. Lethality bioassays (LC50 and LC90) were carried out in accordance with the recommendations of the World Health Organization. The results showed that the acetone extract from Pinus caribaea was more active, and that larvicidal activity was associated with lignin concentration.

Observations on dynamics of foraging hole construction of two leaf-feeding, soil-inhabiting Syntermes species (insecta: Isoptera) in an Amazonian Rainforest, Brazil

The intensity of construction of foraging access holes by two leaf-litter feeding, soil- inhabiting termite species, Syntermes molestus and Syntermes spinosus, in a Central Amazonian rain forest, was observed on consecutive nights for two weeks. Between 11 and 48 nest entrances per m2 were counted. Interaction between the two species was intense; some entrance holes were overtaken by the larger species during the observations; however, both species coexist in the area. A calculated minimum of 35 entrances/m2 is built every year by both species, emphasizing the importance of soil-burrowing termites for soil structure, aeration and water regime.

Levels of leaf Herbivory in Amazonian trees from different stages In forest regeneration

Leaves from 120 canopy trees and 60 understory tree saplings growing in primary and secondary forests near Manaus, Brazil, were collected for determination of standing levels of herbivory (percent leaf area lost). Overall, levels of herbivory on leaves of central Amazonian trees were low. About one quarter of the leaves examined (n = 855) had no damage at all. In most other Neotropical sites studied the mean percentage of herbivory was found to vary between 5.7 and 13.1%, whereas in Manaus it was only 3.1%. The data presented here support the contention that levels of herbivore damage are positively related to soil fertility. No significant difference was found in herbivory levels between canopy trees and understory saplings. Also, there was no difference in damage between leaves from pioneer and late successional trees. Field assays of preference, however, revealed that leaves from pioneer trees are more palatable to leaf-cutting ants (Atta laevigata). This effect was dependent upon leaf age, being observed in mature leaves, but not in young leaves. The greater rate of leaf production in secondary forests may be a factor accounting for the greater abundance of leaf-cutting ants in secondary compared to primary forests.

Leaf herbivory on three tree species in a monodominant and two other Terra firme forests on Maracá Island, Brazil

The aim of this study was to test the hypothesis that the monodominant non-pioneer Peltogyne gracilipes, typically does not suffer density-dependent herbivory (Janzen-Connell model). Two components of intraspecific variation in leaf herbivory were measured: 1) the variation between individuals in the population at the same time and 2) the temporal variation in rates of damage to each individual. The study was carried out on Maracá Island, Roraima, Brazil in three plots (50 m χ 50 m) in each of three forest types: Peltogyne-rich forest (PRF), Peltogyne-poor forest (PPF), and forest without Peltogyne (FWP). Two other non-pioneer species (Ecclinusa guianensis and Pradosia surinamensis) were chosen for comparison because they were fairly abundant and their seedlings could be readily identified. The values of leaf area removed by herbivores of trees and seedlings of the three study species were in the range reported for other tropical tree species (2-16%, standing damage). There were no differences within species between forests. However, there was a significant difference among species but this was not correlated with seedling density. Peltogyne seedlings showed no evidence of density-dependent herbivory as predicted by the Janzen-Connell model despite the fact that adult trees were observed to suffer a mass defoliation in April 1992. This result suggests that Peltogyne may be dominant partly due to escape from herbivory in the early stages of its life although it may suffer occasional mass defoliation as an adult.

Seasonal changes of leaf Nitrogen content in trees of Amazonian floodplains

In Amazonian floodplains the trees are exposed to extreme flooding of up to 230 days a year. Waterlogging of the roots and stems affects growth and metabolic activity of the trees. An increased leaf fall in the aquatic period and annual increment rings in the wood indicate periodical growth reductions. The present study aims at documenting seasonal changes of metabolism and vitality of adult trees in the annual cycle as expressed by changes of leaf nitrogen content. Leaves of six tree species common in floodplains in Central Amazonia and typical representants of different growth strategies were collected every month between May 1994 and June 1995 in the vicinity of Manaus, Brazil. Mean leaf nitrogen content varied between 1.3% and 3.2% in the non-flooded trees. Three species showed significantly lower Ν content in the flooded period (p=0.05, 0.001, 0.001), the difference ranging 20-25% lower than in the non-flooded period. Two species showed no significant difference while Nectandra amazonum showed 32% more Ν in the flooded season (p=0.001). Leaf nitrogen content was generally high when new leaves were flushed (in the flooded period) and decreased continuously thereafter in all species. Three species showed an additional peak of nitrogen during the first month of the terrestrial phase, in leaves which had flushed earlier, indicating that flooding may disturb nitrogen uptake.

Leaf micronutrient concentrations and potential photosynthesis in Ochroma pyramidale established in a degraded land

In the Brazilian Amazon, large areas of abandoned lands may revert to secondary forest. In the process, pioneer tree species have an important role to restore productivity in old fields and improve environmental conditions. To determine potential photosynthesis (Apot), stomatal conductance (g), transpiration (E), and leaf micronutrient concentrations in Ochroma pyramidale (Cav. ex Lam.) Urban a study was carried out in the Brazilian Amazon (01o 51' S; 60o 04' W). Photosynthetic parameters were measured at increasing [CO2], saturating light intensity (1 mmol (photons) m-2 s-1), and ambient temperature. The rate of electron-transport (J), Apot,and water-use efficiency (WUE) increased consistently at increasing internal CO2 concentration (Ci). Conversely, increasing [CO2] decreased gs, E, and photorespiration (Pr). At the CO2-saturated region of the CO2 response curve (1.1 mmol (CO2) mol-1(air), J was 120 μmol (e-) m-2s-1 and Apot reached up to 24 μmol (CO2) m-2s-1. Likewise, at saturating C1 g and E were 30 and 1.4 mmol (H2O) m-2s-1, respectively, and P 2 r about 1.5 μmol (CO2) m-2s-1. Foliar nutrients were 185, 134, 50, and 10 μmol (element) m-2 (leaf area) for Fe, Mn, Zn, and Cu, respectively. It was concluded that [CO ] probably limits light saturated photosynthesis in this site. Furthermore, from a nutritional point of view, the low Fe to Cu ratio (15:1) may reflect nutritional imbalance in O. pyramidale at this site.

Essential oil composition of leaf and fine stem of Aniba canelilla (Kunth) Mez from Manaus, Brazil

The essential oil of the leaves and fine stems of Aniba canelilla (Kunth) Mez collected in the city of Manaus, AM, Brazil, were obtained by hydrodistillation and analyzed by GC/MS. Forty-two components were identified, of which 1-nitro-2-phenylethane, as expected, was the major (71.2%-68.2%).