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.

Prediction of soil shear strength in agricultural and natural environments of the Brazilian Cerrado

The objective of this work was to develop uni- and multivariate models to predict maximum soil shear strength (τmax) under different normal stresses (σn), water contents (U), and soil managements. The study was carried out in a Rhodic Haplustox under Cerrado (control area) and under no-tillage and conventional tillage systems. Undisturbed soil samples were taken in the 0.00-0.05 m layer and subjected to increasing U and σn, in shear strength tests. The uni- and multivariate models - respectively τmax=10(a+bU) and τmax=10(a+bU+cσn) - were significant in all three soil management systems evaluated and they satisfactorily explain the relationship between U, σn, and τmax. The soil under Cerrado has the highest shear strength (τ) estimated with the univariate model, regardless of the soil water content, whereas the soil under conventional tillage shows the highest values with the multivariate model, which were associated to the lowest water contents at the soil consistency limits in this management system.

Internal quality control indicators of cervical cytopathology exams performed in laboratories monitored by the External Quality Control Laboratory

PURPOSE: To evaluate the impact of continued education provided by an external quality control laboratory on the indicators of internal quality control of cytopathology exams.METHODS: The internal quality assurance indicators for cytopathology exams from 12 laboratories monitored by the External Quality Control Laboratory were evaluated. Overall, 185,194 exams were included, 98,133 of which referred to the period preceding implementation of a continued education program, while 87,061 referred to the period following this intervention. Data were obtained from the Cervical Cancer Database of the Brazilian National Health Service.RESULTS: Following implementation of the continued education program, the positivity index (PI) remained within recommended limits in four laboratories. In another four laboratories, the PI progressed from below the limits to within the recommended standards. In one laboratory, the PI remained low, in two laboratories, it remained very low, and in one, it increased from very low to low. The percentage of exams compatible with a high-grade squamous intraepithelial lesion (HSIL) remained within the recommended limits in five laboratories, while in three laboratories it progressed from below the recommended levels to >0.4% of the total number of satisfactory exams, and in four laboratories it remained below the standard limit. Both the percentage of atypical squamous cells of undetermined significance (ASC-US) in relation to abnormal exams, and the ratio between ASC-US and intraepithelial lesions remained within recommended levels in all the laboratories investigated.CONCLUSION: An improvement was found in the indicators represented by the positivity index and the percentage of exams compatible with a high-grade squamous intraepithelial lesion, showing that the role played by the external quality control laboratory in providing continued education contributed towards improving laboratory staff skills in detecting cervical cancer precursor lesions.

Single nucleotide polymorphisms at 15 codons of the prion protein gene from a scrapie-affected herd of Suffolk sheep in Brazil

Scrapie is a transmissible spongiform encephalopathy of sheeps and goats, associated with the deposition of a isoform of the prion protein (PrPsc). This isoform presents an altered conformation that leads to aggregation in the host's central nervous and lymphoreticular systems. Predisposition to the prion agent infection can be influenced by specific genotypes related to mutations in amino acids of the PrPsc gene. The most characterized mutations occur at codons 136, 154 and 171, with genotypes VRQ being the most susceptible and ARR the most resistant. In this study we have analyzed polymorphisms in 15 different codons of the PrPsc gene in sheeps from a Suffolk herd from Brazil affected by an outbreak of classical scrapie. Amplicons from the PrPsc gene, encompassing the most relevant altered codons in the protein, were sequenced in order to determine each animal's genotype. We have found polymorphisms at 3 of the 15 analyzed codons (136, 143 and 171). The most variable codon was 171, where all described alleles were identified. A rare polymorphism was found at the 143 codon in 4% of the samples analyzed, which has been described as increasing scrapie resistance in otherwise susceptible animals. No other polymorphisms were detected in the remaining 12 analyzed codons, all of them corresponding to the wild-type prion protein. Regarding the risk degree of developing scrapie, most of the animals (96%) had genotypes corresponding to risk groups 1 to 3 (very low to moderate), with only 4% in the higher risks group. Our data is discussed in relation to preventive measures involving genotyping and positive selection to control the disease.

High doses of riboflavin and the elimination of dietary red meat promote the recovery of some motor functions in Parkinson's disease patients

Abnormal riboflavin status in the absence of a dietary deficiency was detected in 31 consecutive outpatients with Parkinson's disease (PD), while the classical determinants of homocysteine levels (B6, folic acid, and B12) were usually within normal limits. In contrast, only 3 of 10 consecutive outpatients with dementia without previous stroke had abnormal riboflavin status. The data for 12 patients who did not complete 6 months of therapy or did not comply with the proposed treatment paradigm were excluded from analysis. Nineteen PD patients (8 males and 11 females, mean age ± SD = 66.2 ± 8.6 years; 3, 3, 2, 5, and 6 patients in Hoehn and Yahr stages I to V) received riboflavin orally (30 mg every 8 h) plus their usual symptomatic medications and all red meat was eliminated from their diet. After 1 month the riboflavin status of the patients was normalized from 106.4 ± 34.9 to 179.2 ± 23 ng/ml (N = 9). Motor capacity was measured by a modification of the scoring system of Hoehn and Yahr, which reports motor capacity as percent. All 19 patients who completed 6 months of treatment showed improved motor capacity during the first three months and most reached a plateau while 5/19 continued to improve in the 3- to 6-month interval. Their average motor capacity increased from 44 to 71% after 6 months, increasing significantly every month compared with their own pretreatment status (P < 0.001, Wilcoxon signed rank test). Discontinuation of riboflavin for several days did not impair motor capacity and yellowish urine was the only side effect observed. The data show that the proposed treatment improves the clinical condition of PD patients. Riboflavin-sensitive mechanisms involved in PD may include glutathione depletion, cumulative mitochondrial DNA mutations, disturbed mitochondrial protein complexes, and abnormal iron metabolism. More studies are required to identify the mechanisms involved.

Survey on ochratoxin A in Brazilian green coffee destined for exports

The presence of ochratoxin A (OTA) in foods has led some countries to establish regulatory limits. Although coffee is not a major source of OTA in human consumption, the European Community (EC) may establish limits in the near future, with possible economic impact on producing countries. This study measured the OTA content with HPLC in 37 samples of Brazilian green coffee exclusive destined to the export market and also verified a possible relation between coffee defects and OTA content. The results showed an OTA concentration ranging from < 0.16ng/g (detection limit) to 6.24ng/g (average of 3.20ng/g) for 37 samples. Of the five samples observed for defects, toxin content of sound beans ranged from 0.22 to 0.80ng/g (average 0.46ng/g) and of defective beans from 0.42 to 17.46 (average 4.52ng/g). Morphological differences among sound and defective beans showed no susceptibility for mould invasion under optical microscopy observation. One black bean depicted the presence of mould and spores on observation under Scanning Electron Microscope (SEM). According to this investigation, Brazilian green coffee for export complies with most limits in place.

Physicochemical and microbiological characteristics of minimally processed 'Champagne' oranges (Citrus reticulata × Citrus sinensis) in different packgings

The objective of this study was to investigate the influence of the level of minimal processing and modified atmosphere on the quality of 'Champagne' orange stored under refrigeration. The fruits were subjected to the following processing: a) whole fruit without flavedo; b) whole fruit without flavedo and albedo; and c) segmented into wedges and packed as follows: uncoated packaging (control); polyethylene film; PVC film; gelatin-based edible films (3%); and polyesthyrene translucent plastic container with a lid. The minimally processed oranges were stored at 5 ± 1°C for 8 days and were subjected to physicochemical and microbiological analyses every two days. Greater weight loss occurred in fruits without flavedo and segmented, uncoated, and coated with the edible gelatin film During storage, there was a slight increase in Total Soluble Solids (TSS) for the treatments with greater weight loss and reduction in acidity and ascorbic acid, regardless of the packaging type. The microbial counts did not exceed the acceptable limits in the treatments; however, higher counts were observed at the end of storage. The minimally processed fruit packed in lidded polystyrene containers and polyethylene and PVC films kept their overall fresh visual appearance with a few physicochemical and microbiological changes up to the 8th day of storage.

Riqueza em óleo nas sementes, amêndoas e cascas das bagas de mamona

This paper is a joined publication of the Depts. of Genetics and of Technology, of the E. S. A. "Luiz de Queiroz", Universidade de São Paulo, and deals with the variation of the percentage oil content in the whole seeds, the embryos and the seed-coat of 28 varieties of castor-beans (Ricinus communis, L.). Primarily, the authors, as a justification of this paper, make reference to the applications which castor-oil has in industry, medicine, etc. In accordance with the weight of 100 seeds, the varieties of castor-beans were classified into 3 classes : small seeds (100 seeds less than 30 g), medium seeds (100 seeds between 30 g and 60) and large seeds (100 seeds more than 60 g). The percentage of oil in the seed, embryo and seed-coat, the dimensions of the seeds and the weight of 100 seeds are given for every variety in table 1. In order to obtain an estimate of the variability for the methods of determination of the oil percentage, in the 3 differents parts of the seeds and also in the 3 groups of seeds, the coefficient of variability was calculate (table 2). It is showed that the variation in the seed and embryo is low and that in the seed-coat is very high. The analysis of variance, with regard to the difference among the 3 types of seeds (small, medium and large), among the 3 parts of the seed (whole seed, embryo and seed-coat) and residual error, is given in table 3. Only, the oil content of whole seeds among types of seeds was significant at the 5% level. The t test among the correspondent means is not significant for the difference between medium and large seeds is significant between both these types (medium and large) and small seeds. The fiducial limits in relation to the mean of the oil percentage in the 3 differents types of seed, show that there is one variety (n. 1013-2), which has a percentage of oil, in the medium type of seed, significantly at the 5% level (table 4), higher than the general mean. Since the distribution of the percentage of oil in the seedcoat is discontinuous, 5 groups were established (table 5). All the differences between groups are significant (table 6). For practical purposes, when we have to remove the seed coat, one should eliminate those varieties which loose at least 3% of oil by this procedure. There is a significant linear correlation at 5% level between the percentage of oil in the seed and in the embryo, of the smali and medium type of seeds (table 7), and also, when taking the 3 types together (lower part of table 7), one finds that the same is true. Also, the correlation between the percentages of oil in the embryo and in the seed-coat of the 3 types together is significant at 5% level. According to the results obtained in relation to the percentage in 28 varieties studied, it can be recommended, for breeding purposes, to work only with those varieties which belong to the medium and the large types of seeds.

CITRICULTURE ECONOMIC AND FINANCIAL EVALUATION UNDER CONDITIONS OF UNCERTAINTY

ABSTRACT The citriculture consists in several environmental risks, as weather changes and pests, and also consists in considerable financial risk, mainly due to the period ofreturn on the initial investment. This study was motivated by the need to assess the risks of a business activity such as citriculture. Our objective was to build a stochastic simulation model to achieve the economic and financial analysis of an orange producer in the Midwest region of the state of Sao Paulo, under conditions of uncertainty. The parameters used were the Net Present Value (NPV), the Modified Internal Rate of Return(MIRR), and the Discounted Payback. To evaluate the risk conditions we built a probabilistic model of pseudorandom numbers generated with Monte Carlo method. The results showed that the activity analyzed provides a risk of 42.8% to reach a NPV negative; however, the yield assessed by MIRR was 7.7%, higher than the yield from the reapplication of the positive cash flows. The financial investment pays itself after the fourteenth year of activity.

Determinação de metais em óleos lubrificantes, provenientes de motores de ônibus urbano, utilizando a FAAS

This work proposed a procedure to examine ashes produced in burning lubricating oils used in public transportation, in Teresina PI. Sulphanilic acid was added to the oil samples, which were burned at 550 °C for three hours and 650 °C for two hours. The ash solutions were analyzed by FAAS and there were significant differences in the metal contents of the waste oil produced from normal car service. The quantification limits in μg g-1 were 5.9 (Fe), 4.4 (Pb), 1.7 (Ni), 2.1 (Cu), and 1.2 (Zn). The results showed positive accuracy and precision with recoveries between 88 and 108%, and RSD lower than 10%.

Cirurgião diante das novas terapias para o tratamento do câncer

The cancer treatement has been subjected to substantial changes, mainly concerning clinical specialities. The advances on tumours study, especially related to genetics and molecular biology, greatly increased our understanding about many aspects of carcinogenesis, neoplasic growth and metastasizing process, untill now obscure. In this context, surgery seems to be attained its limits in trying to erradicate completely the disease, and although the great resections made, this aim has not been succeeded in many cases. New treatments are emerging each year and between the most promising we can highlight tumour angiogenesis chemical blocking agents, with highly promising experimental results. At the same time of the beginning of clinical researchs about these drugs, the authors present a review work, with the objective of presenting a general survey of the knowledge achieved about these recently discovered drugs in tumours control.

Effects of sedation during upper gastrointestinal endoscopy on endocrine response and cardiorespiratory function

Upper gastrointestinal endoscopy is often accompanied by tachycardia which is known to be an important pathogenic factor in the development of myocardial ischemia. The pathogenesis of tachycardia is unknown but the condition is thought to be due to the endocrine response to endoscopy. The purpose of the present study was to investigate the effects of sedation on the endocrine response and cardiorespiratory function. Forty patients scheduled for diagnostic upper gastrointestinal endoscopy were randomized into 2 groups. While the patients in the first group did not receive sedation during upper gastrointestinal endoscopy, the patients in the second group were sedated with intravenous midazolam at the dose of 5 mg for those under 65 years or 2.5 mg for those aged 65 years or more. Midazolam was administered by slow infusion. In both groups, blood pressure, ECG tracing, heart rate, and peripheral oxygen saturation (SpO2) were monitored during endoscopy. In addition, blood samples for the determination of cortisol, glucose and C-reactive protein levels were obtained from patients in both groups prior to and following endoscopy. Heart rate and systolic arterial pressure changes were within normal limits in both groups. Comparison of the two groups regarding the values of these two parameters did not reveal a significant difference, while a statistically significant reduction in SpO2 was found in the sedation group. No significant differences in serum cortisol, glucose or C-reactive protein levels were observed between the sedated and non-sedated group. Sedation with midazolam did not reduce the endocrine response and the tachycardia developing during upper gastrointestinal endoscopy, but increased the reduction in SpO2.

The corporate bias and the molding of prescription practices: the case of hypertension

Drug management of hypertension has been a noticeable example of the influence of the pharmaceutical industry on prescription practices. The worldwide leading brands of blood pressure-lowering agents are angiotensin receptor-blocking agents, although they are considered to be simply substitutes of angiotensin-converting enzyme (ACE) inhibitors. Commercial strategies have been based on the results of clinical trials sponsored by drug companies. Most of them presented distortions in their planning, presentation or interpretation that favored the drugs from the sponsor, i.e., corporate bias. Atenolol, an ineffective blood pressure agent in elderly individuals, was the comparator drug in several trials. In a re-analysis of the INSIGHT trial, deaths appeared to have been counted twice. The LIFE trial appears in the title of more than 120 reproductions of the main and flawed trial, as a massive strategy of scientific marketing. Most guidelines have incorporated the corporate bias from the original studies, and the evidence from better designed studies, such as the ALLHAT trial, have been largely ignored. In trials published recently corporate influences have touched on ethical limits. In the ADVANCE trial, elderly patients with type 2 diabetes and cardiovascular disease or risk factors, allocated to placebo, were not allowed to use diuretic and full doses of an ACE inhibitor, despite the sound evidence of benefit demonstrated in previous trials. As a consequence, they had a 14% higher mortality rate than the participants allocated to the active treatment arm. This reality should be modified immediately, and a greater independence of the academy from the pharmaceutical industry is necessary.

Hepatitis B virus subgenotype C2- and B2-associated mutation patterns may be responsible for liver cirrhosis and hepatocellular carcinoma, respectively

The objective of this study was to examine hepatitis B virus (HBV) subgenotypes and mutations in enhancer II, basal core promoter, and precore regions of HBV in relation to risks of liver cirrhosis (LC) and hepatocellular carcinoma (HCC) in Southeast China. A case-control study was performed, including chronic hepatitis B (CHB; n=125), LC (n=120), and HCC (n=136). HBV was genotyped by multiplex polymerase chain reaction and subgenotyped by restriction fragment length polymorphism. HBV mutations were measured by DNA sequencing. HBV genotype C (68.2%) predominated and genotype B (30.2%) was the second most common. Of these, C2 (67.5%) was the most prevalent subgenotype, and B2 (30.2%) ranked second. Thirteen mutations with a frequency >5% were detected. Seven mutation patterns (C1653T, G1719T, G1730C, T1753C, A1762T, G1764A, and G1799C) were associated with C2, and four patterns (C1810T, A1846T, G1862T, and G1896A) were associated with B2. Six patterns (C1653T, G1730C, T1753C, A1762T, G1764A, and G1799C) were obviously associated with LC, and 10 patterns (C1653T, G1730C, T1753C, A1762T, G1764A, G1799C, C1810T, A1846T, G1862T, and G1896A) were significantly associated with HCC compared with CHB. Four patterns (C1810T, A1846T, G1862T, and G1896A) were significantly associated with HCC compared with LC. Multivariate regression analyses showed that HBV subgenotype C2 and C2-associated mutation patterns (C1653T, T1753C, A1762T, and G1764A) were independent risk factors for LC when CHB was the control, and that B2-associated mutation patterns (C1810T, A1846T, G1862T, and G1896A) were independent risk factors for HCC when LC was the control.

Effects of gutting process on the shelf life of cultured meagre (Argyrosomus regius ASSO, 1801) stored at 4 ± 1 °C

Abstract The aim of this study was to determine chemical, nutritional and microbiological evaluation of whole or gutted meagre stored at 4 ± 1 oC. Whole ungutted (Group A), eviscerated (Group B), beheaded-eviscerated fish (Group C) and fillets (Group D) groups were created for this study. According to fatty acid analysis, it was determined that meagre is rich in PUFA content and the n3/n6 ratio is within the ideal limits. In all 4 groups, obtained from fillets values were the highest in general, quality parameters were found within acceptable limits. Psychrophilic and mesophilic aerobic bacteria counts exceeded the standards for fillet groups on 7th days of storage. According to microbiological analysis, ungutted, beheaded, eviscerated samples were not exceeded limit values on 9th day. In conclusion, whole or gutted (headed and eviscerated) storage of meagre is found to be more advantageous compared to fillets for storage at 4 ± 1 oC.