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.

Inclusive business and poverty: prospects in the Brazilian context

Inclusive business is a term currently used to explain the organizations that aim to solve social problems with efficiency and financial sustainability by means of market mechanisms. It can be said that inclusive businesses are those targeted at generating employment and income for groups with little or no market mobility, in keeping with the standards of so-called "decent jobs" and in a self-sustaining manner, i.e., generating profit for the enterprises, and establishing relationships with typical business organizations as suppliers of products and services or in the distribution of this type of production. This article discusses the different concepts found in the scientific literature on inclusive businesses. It also analyses data from a survey conducted with the audiences of Social Corporate Responsibility seminars held by FIEMG. This analysis reveals that prospects, risks and idealizations similar to those found in inclusive business theories can also be found among individuals that run social corporate responsibility projects, even if this designation is new for them. The connection between companies and poverty, especially in relation to inclusive businesses, seems full of stumbling blocks and traps in the Brazilian context.

Sharing competences in strategic alliances: a case study of the Cosan and Shell biofuel venture

In a competitive world, the way a firm establishes its organizational arrangements may determine the enhancement of its core competences and the possibility of reaching new markets. Firms that find their skills to be applicable in just one type of market encounter constraints in expanding their markets, and through alliances may find a competitive form of value capture. Hybrid forms of organization appear primarily as an alternative to capturing value and managing joint assets when the market and hierarchy modes do not present any yields for the firm's competitiveness. As a result, this form may present other challenging issues, such as the allocation of rights and principal-agent problems. The biofuel market has presented a strong pattern of changes over the last 10 years. New intra-firm arrangements have appeared as a path to participate or survive among global competition. Given the need for capital to achieve better results, there has been a consistent movement of mergers and acquisitions in the Biofuel sector, especially since the 2008 financial crisis. In 2011 there were five major groups in Brazil with a grinding capacity of more than 15 million tons per year: Raízen (joint venture formed by Cosan and Shell), Louis Dreyfus, Tereos Petrobras, ETH, and Bunge. Major oil companies have implemented the strategy of diversification as a hedge against the rising cost of oil. Using the alliance of Cosan and Shell in the Brazilian biofuel market as a case study, this paper analyses the governance mode and challenging issues raised by strategic alliances when firms aim to reach new markets through the sharing of core competences with local firms. The article is based on documentary research and interviews with Cosan's Investor Relations staff, and examines the main questions involving hybrid forms through the lens of the Transaction Cost Economics (TCE), Agency Theory, Resource Based View (RBV), and dynamic capabilities theoretical approaches. One focal point is knowledge "appropriability" and the specific assets originated by the joint venture. Once the alliance is formed, it is expected that competences will be shared and new capabilities will expand the limits of the firm. In the case studied, Cosan and Shell shared a number of strategic assets related to their competences. Raízen was formed with economizing incentives, as well to continue marshalling internal resources to enhance the company's presence in the world energy sector. Therefore, some challenges might be related to the control and monitoring agents' behavior, considering the two-part organism formed by distinctive organizational culture, tacit knowledge, and long-term incentives. The case study analyzed illustrates the hybrid arrangement as a middle form for organizing the transaction: neither in the market nor in the hierarchy mode, but rather a more flexible commitment agreement with a strategic central authority. The corporate governance devices are also a challenge, since the alignment between the parent companies in the joint ventures is far more complex. These characteristics have led to an organism with bilateral dependence, offering favorable conditions for developing dynamic capabilities. However, these conditions might rely on the partners' long-term interest in the joint venture.

THE ROLE OF NANOMATERIALS IN COSMETICS: NATIONAL AND INTERNATIONAL LEGISLATIVE ASPECTS

Nanotechnology is currently one of the fastest growing scientific fields. The products of this science have become part of our everyday lives. However, to date, regulatory agencies have not yet established a single definition for nanomaterials and nanotechnology. Therefore, each country has its own definitions and legislation to control products containing nanomaterials. Being relatively new materials, there are no long-term studies showing their impact on human health and the environment. Consequently, countries control the amount of nanomaterials present in cosmetics, allowing the end consumer to choose which cosmetic to use, by choosing products with or without nanomaterials. Therefore, the primary objective of this study was to identify the most used nanomaterials in cosmetics and verify whether these formulations are in accordance with the laws in force in the United States, the European Union and Brazil, thereby determining if the cosmetics on the market are in line with the existing laws in these three economic powers. This study is unique and will contribute to furthering the discussion on existing laws pertinent to the use of nanotechnology in cosmetics.

Origem e distribuição do nervo isquiático no veado-catingueiro (Mazama gouazoubira)

Este estudo teve como objetivo descrever a origem e a distribuição do nervo isquiático no veado-catingueiro (Mazama gouazoubira). Dois animais da espécie, obtidos post mortem por atropelamento em rodovia, foram utilizados para o estudo, obedecendo aos critérios da Lei Vigente (Lei 1.153/95). Através da dissecação, a pele foi completamente removida e os animais foram fixados em solução aquosa de formaldeído a 10%. Através de um acesso dorso-lateral, os músculos glúteo superficial, bíceps femoral e glúteo médio foram seccionados no seu local de inserção e rebatidos. Desta forma foi possível visualizar a origem e a distribuição do nervo isquiático, em ambos os antímeros dos animais. As imagens foram registradas com câmera fotográfica digital (Câmera Sony a200, 10.2mpx) e os resultados foram descritos com base na Nomina Anatômica Veterinária. Os dados da origem do nervo isquiático nos dois espécimes estudados mostraram que esta ocorre a partir dos ramos ventrais de L6 e S1, podendo ter contribuição de S2. Após a sua emergência pelo forame isquiático maior, em ambos os antímeros, o nervo isquiático fornece ramos para suprir os músculos glúteo médio, glúteo profundo, glúteo superficial, gluteobíceps, bíceps da coxa, semimembranoso, semitendinoso e gastrocnêmio. Próximo ao meio da coxa o nervo isquiático divide-se em nervo tibial e nervo fibular comum os quais inervam os músculos da região distal do membro pélvico. Além disso, o nervo cutâneo caudal da sura pode se originar dos nervos fibular comum ou do nervo tibial. Em conclusão, nos espécimes de Mazama gouazoubira estudados, o nervo isquiático teve sua origem a partir dos ramos ventrais espinais de L6 e S1, podendo ou não ter a contribuição de S2. Na sua distribuição originam-se o nervo glúteo caudal, o nervo cutâneo femoral caudal e ramos musculares, que, conjuntamente inervam os músculos glúteo médio, glúteo profundo, glúteo superficial, gluteobíceps, bíceps da coxa, semitendinoso, semimembranoso, adutor e gastrocnêmio. Distalmente o nervo isquiático bifurca-se Em nervo tibial e fibular comum, os quais inervam a porção distal do membro pélvico.

Distribuição dos brônquios lobares dos pulmões do veado-catingueiro Mazama gouazoubira

Este estudo teve como objetivo descrever a lobação do pulmão do veado-catingueiro Mazama gouazoubira. Dois animais da espécie, obtidos post mortem por atropelamento em rodovia, foram utilizados para o estudo, obedecendo aos critérios da Lei Vigente (Lei 1.153/95). Através da dissecação, a pele foi completamente removida e os animais foram fixados em solução de formaldeído a 10%. Através de um acesso ventral, o bloco de vísceras foi removido e posteriormente os pulmões foram dissecados do bloco por uma secção na região torácica da traqueia e de outras estruturas do hilo pulmonar. Os pulmões e a árvore brônquica foram dissecados, fotografados, as imagens foram registradas com câmera fotográfica digital (Câmera Sony a200, 10.2mpx). Os pulmões apresentaram-se unidos pelas estruturas que penetravam a região do hilo pulmonar, o pulmão direito do veado-catingueiro mostrou ser composto pelos lobos cranial (segmento cranial e segmento caudal), médio, caudal e acessório. O pulmão esquerdo apresentou apenas lobo cranial (segmentado em parte cranial e parte caudal) e lobo caudal. A árvore brônquica se inicia emergindo para o pulmão direito um brônquio traqueal acima da bifurcação da traqueia que sequencialmente serão denominados de brônquios principais direito e esquerdo, os quais no nível do hilo pulmonar penetram nos pulmões direito e esquerdo respectivamente. Os pulmões e árvore brônquica de M. gouazoubira apresentaram a mesma descrição anatômica de outros ruminantes, como bubalinos, ovinos e bovinos.

Application of fats in some food products

Fats and oils are very important raw materials and functional ingredients for several food products such as confectionery, bakery, ice creams, emulsions, and sauces, shortenings, margarines, and other specially tailored products. Formulated products are made with just about every part of chemistry, but they are not simple chemicals. In general, they consist of several, and often many, components. Each of these components has a purpose. Most formulated products have a micro- or nano-structure that is important for their function, but obtaining this structure is often the big challenge. Due to a rise in overweight or obesity, health concerns have increased. This fact has led to the need to the develop products with low fat content, which have become a market trend. In addition, the development of new products using fat substitutes can be a good option for companies that are always trying to reduce costs or substitute trans fat or saturated fat. However, the successful development of these products is still a challenge because fat plays multiple roles in determining the desirable physicochemical and sensory attributes, and because the consumers who want or need to replace these ingredients, seek products with similar characteristics to those of the original product. Important attributes such as smooth, creamy and rich texture; milky and creamy appearance; desirable flavor; and satiating effects are influenced by the droplets of fat, and these characteristics are paramount to the consumer and consequently crucial to the success of the product in the market. Therefore, it is important to identify commercially viable strategies that are capable of removing or reducing fat content of food products without altering their sensory and nutritional characteristics. This paper intended to provide an overview about the role of fat in different food systems such as chocolate, ice cream, bakery products like biscuits, breads, and cakes considering the major trends of the food industry to meet the demands of modern society.

Economic growth, labor and productivity in Brazil and the United States: a comparative analysis

The aim of this paper is to analyze the relation between economic growth and labor market dynamics in Brazil between 1981 and 2009, making a comparison with the United States. Among the findings, one can mention that economic growth in Brazil has been related to a massive incorporation of labor force in labor intensive activities, whereas, in the United States, to a substantial improvement of labor productivity in high-technology activities. Despite the favorable economic context in the 2000s, huge inequalities between these countries have widened since the structure of the Brazilian labor market remained with few or no changes.

A maturação do abacaxi

In the present work it was sougth to correlate the coloration of the fruit of Ananas comosus variety Perola with the pulp quality, aiming at the orientation of the fruit grower to the correct time of harvest. Pineapple fruit was chosen in 5 stages of maturation recognized by its external characteristics, principally its color. The fruits of each stage of maturation were analysed, determining the. weight, the percentage of soluble solids, and relation of acid to soluble solids. At the same time a test was made classifying the fruits as acid, regular, good, excellent, and spoiled. A correlation was found between the external coloration of the fruit and the degree of maturation. Concluding from this that the best time to harvest the variety Perola is in the third stage in the regions closest to the market and in the second stage in the regions which are farther away. For the cannery industry the fruit should be harvest in the first stage.

System to outline the graduatestudents

Objective: to evaluate the system to outline the graduate students from the Post-Graduate Programs of CAPES Medicine III area. Method: it was analyzed the book of indicators and the Document of Area of the Post-Graduate Programs of Surgery, also checking the literature about this issue. Results: there was a paucity of data from most of the programs, as regards to the methods for evaluation of graduate students. The current system lacks a standard and an institutional support to outline the graduate students. In the public system there is a concentration of postgraduate students in Medicine; however, they represent a small part of those Brazilians students who finished their graduation courses in Medicine. In the current context, the quest for the post graduate courses and consequently for a research field or even a teaching career, has been replaced by the private sector jobs and the labor market, both in non-academic assistance activities. Conclusion: it is imperative to establish not only science and technology innovation policies but also educational and health policies acting harmoniously and stimulating the qualification and the teaching career, improving the post-graduate courses. It is necessary to develop a single form under the institutional guidance of CAPES with the conception of a National Program for Graduate Student in order to consolidate guidelines to mapping the graduate students of post-graduate programs in surgery, in our country.

Economia e retórica: o capítulo brasileiro

Considering the rise of the discussion about the rhetoric of economics at the beginning of the 1980's, the paper aims to show: 1) the relation between the origin of this issue in the academic field and the ascension of the so labeled "neoliberalism" as a doctrine and a collection of capitalist practices perceived at the same time; and 2) the consequences produced by this idea, overseas born, when it meets a peripherical reality like the Brazilian one. In the first case, we are going to show the importance of Hayek's reflections about the inadequateness of neoclassical discourse to the aim of ideologically legitimate the market society. In the second we are going to point out that, taking the consequences of the rhetoric project in Brazil, it can be seeing as an additional chapter of "the ideas out of its place" that comes marking the Brazilian history of the ideas.

Fluxo de empregos, fluxo de trabalhadores e fluxo de postos de trabalho no Brasil

Job flows, workers flows and employment flows in Brazil. The labor market is in constant flux. When measuring labor market mobility, it is usual to estimate labor market flow statistics, such as worker reallocation and job reallocation. The goal of this paper is to present previously unknown within plant job reallocation statistics for Brazil. The within plant job reallocation is measured as changes in the occupational mix of the plant. The within plant job reallocation allows a decomposition of worker turnover decomposition into matching, technological change and labor demand factors. Using formal labor market data for Brazil, from 1996 to 2001, our results suggest that technological change accounted for a limited share of worker turnover. More than a quarter of worker turnover can be attributed to labor demand shifts and more than 50% of worker turnover is due to matching.

Fluxos de investimento direto externo, competitividade e conteúdo tecnológico do comércio exterior da China no início do século XXI

Foreign direct investment flow, competitiveness and technological structure of foreign trade in China in the beginning of the 21st century. China's government introduced open market reforms in 1979, mediated by industrial policies improving the ability of attracting higher quality FDI (Foreign Direct Investment), which helped China's economy developing its technological capabilities. As a result, China's share in international trade rose impressively becoming third-largest trading nation in the world, by 2004, also its export structure is significantly more sophisticated. Facing the importance of understanding the determinants of developing word specialization patterns, this paper focuses on the competitiveness and technological structure of exports and imports by China for 1994-1998 and 2001-2005.