Portfolio valuation in banks

Frequent references are made to the use of portfolio spread rates in managing financial risks in banks, but indications as to the procedures for determining such rates are very scant.The purpose of this article is to present some initial ideas on the subject: a Standard Funding system indicates what each portfolio should have earned, while an Actual Funding system points out what each portfolio did, in fact, earn; additionally, by comparing the outcomes of the two funding systems for each portfolio, it is possible to determine what each portfolio earned (or lost) in the way of arbitrage.

Focusing illusion in satisfaction with life among college students living in Brazil

Literature shows that there are significant associations between health and happiness. Various countries are considering, contemplating or formally incorporating the happiness variable into their public health policies. Moreover, the private sector has shown interest in the topic. Based on that This article examines the biases in the perception of satisfaction with life among young adults in two Brazilian cities. The study explores the associations between aspects of life and perception of happiness because public policies associated with happiness require an improved understanding of the subjectivity of the sense of well-being. A survey conducted among 368 college students enabled analysis through Multivariate Analysis of Covariance (MANCOVA) and linear regression. The results suggest that, although there were no significant differences in general satisfaction with life between the two cities, there were indications of focusing illusion in the perception of happiness caused by expectations arising from the feeling of personal insecurity in a metropolis.

Bats (Mammalia, Chiroptera) of an urban park in the metropolitan area of Rio de Janeiro, southeastern Brazil

Some bat species are able to adapt to urban areas, where they find food and roosts. Despite the high number of parks in Brazilian cities, they did not yet raise the interest of most zoologists, except for some surveys of birds and butterflies. The objectives of the present study were: (i) to inventory the bat species of Quinta da Boa Vista (QBV), a large (25 ha) urban park centrally located in densely populated Rio de Janeiro, which is Brazil's second largest metropolis; (ii) to compare the species richness observed in roosts with the richness recorded through mist netting in flight routes and near fruiting fig trees; and (iii) to analyze recaptures of bats marked in this park and recaptured in other sites and vice-versa. Sampling totaled 104 sampling nights resulting in 3,256 captures (including 133 recaptures) between April 1989 and December 2004. We also sampled roosts and received some specimens from park visitors and city workers. We documented 21 bat species, predominantly large frugivores. The number of expected species for this park was 24.0 ± 4.6, and the total sampled represented 87.5% of the expected. The recapture of bats marked in surrounding forest fragments and in QBV shows the importance of urban parks for the maintenance of bat diversity. Inspection of roosts produced two species that had not been captured with other methods. Sampling near fruiting fig trees did not differ in terms of richness from sampling carried out far from these trees or during their non-fruiting periods.

Evaluation of a computer model to simulate water table response to subirrigation

The objective of this work was to evaluate the water flow computer model, WATABLE, using experimental field observations on water table management plots from a site located near Hastings, FL, USA. The experimental field had scale drainage systems with provisions for subirrigation with buried microirrigation and conventional seepage irrigation systems. Potato (Solanum tuberosum L.) growing seasons from years 1996 and 1997 were used to simulate the hydrology of the area. Water table levels, precipitation, irrigation and runoff volumes were continuously monitored. The model simulated the water movement from a buried microirrigation line source and the response of the water table to irrigation, precipitation, evapotranspiration, and deep percolation. The model was calibrated and verified by comparing simulated results with experimental field observations. The model performed very well in simulating seasonal runoff, irrigation volumes, and water table levels during crop growth. The two-dimensional model can be used to investigate different irrigation strategies involving water table management control. Applications of the model include optimization of the water table depth for each growth stage, and duration, frequency, and rate of irrigation.

Termodinâmica estatística de líquidos com o método de Monte Carlo. II. O líquido clorofórmio

Thermodynamic properties and radial distribution functions for liquid chloroform were calculated using the Monte Carlo method implemented with Metropolis algorithm in the NpT ensemble at 298 K and 1 atm. A five site model was developed to represent the chloroform molecules. A force field composed by Lennard-Jones and Coulomb potential functions was used to calculate the intermolecular energy. The partial charges needed to represent the Coulombic interactions were obtained from quantum chemical ab initio calculations. The Lennard-Jones parameters were adjusted to reproduce experimental values for density and enthalpy of vaporization for pure liquid. All thermodynamic results are in excelent agreement with experimental data. The correlation functions calculated are in good accordance with theoretical results avaliable in the literature. The free energy for solvating one chloroform molecule into its own liquid at 298 K and 1 atm was computed as an additional test of the potential model. The result obtained compares well with the experimental value. The medium effects on cis/trans convertion of a hypotetical solute in water TIP4P and chloroform solvents were also accomplished. The results obtained from this investigation are in agreement with estimates of the continuous theory of solvation.

O fabrico e uso da pólvora no Brasil colonial: o papel de alpoim na primeira metade do século XVIII

Gunpowder played a significant role in colonial Brazil. This reached a climax in the eighteenth century, when the country's large gold output enticed the greed of many. The French invasion of Rio de Janeiro in 1711 made the city's defense even more pressing to the metropolis. Brigadier Alpoim symbolized this reaction. He was a leading Luso-Brazilian engineer of that century, whose multiple activities set him apart in colonial life. These activities included a pioneer role in teaching the manufacture and use of gunpowder, about which he wrote extensively during the first half of the eighteenth century. His work is thus among the first to treat chemical technology in the colony at such an early age.

Capacitação tecnológica e Catching Up: o caso das regiões metropolitanas emergentes brasileiras

Since the 1970's the loss of industrial output share of Sao Paulo Metropolitan Area relative to Brazil's industrial output has been explained by a process of "reversal polarization". This article aims to analyze the catching up effect of variables of productive efficiency, such as technological capacity and labor force skill. The main point is to analyze if the behavior of these variables favored or reduced desagglomeration of Sao Paulo city and the resulting agglomeration effect on Brazilian emerging metropolitan areas. Utilizing the Household Sample Survey (PNAD) of the Brazilian Geography and Statistics Institute (IBGE) we will test if there has been technological catching up between São Paulo (defined as the frontier) and second-tier metropolis of southern Brazil (Belo Horizonte, Curitiba and Porto Alegre). A set of panel data tests the importance of the variables referred to on spatial distribution of Brazilian industry.