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.

An analysis of the influence of discount sales promotion in consumer buying intent and the moderating effects of attractiveness

ABSTRACT The purpose of this paper is to analyze the influence of discount sales promotion in the purchase intention and the moderating effects of attractiveness in the relationship between intention to purchase a discounted product and the impulsiveness, hedonic perception and financial risk. Thus, an experiment involving 613 students was conducted. The hypotheses predicted that a product with discount promotion would relate positively with impulsivity, as well as with a hedonic perception about the good offered, and negatively with the perception of financial risk associated with the product offered with discount. A positive moderation was expected of the perceived attractiveness of the announced discount promotion on the intentions of behaviors. The results confirmed the hypothesis, indicating positive effects of impulsivity and hedonic perception by purchasing the discounted products, in addition to the negative link between the intention of purchasing discounted products and the perception of a financial risk. The moderating effects were not confirmed. Final considerations conclude the work.

Usage analysis of the Nursing Activities Score in two Spanish ICUS

The aim of this study was to analyze the discourse of health managers on aspects related to delay in tuberculosis diagnosis. This was a qualitative research study, conducted with 16 Family Health Unit managers. The empirical data were obtained through semi-structured interviews. The analysis was based on the theoretical framework of the French school of discourse analysis. According to the managers’ statements, the delay in tuberculosis diagnosis is related to patient and health service aspects. As for patient aspects, managers report fear, prejudice and lack of information as factors that may promote a delayed diagnosis. Regarding health service aspects, structural problems and lack of professional skills were reported. The discourse of managers should be considered to qualify tuberculosis control actions and to prevent delays in diagnosis.

Technical-economic analysis of different lighting systems for broiler poultry

ABSTRACT Broiler poultry is highly dependent on artificial lightening. Power consumption costs of artificial lighting systems is the second largest expense related to broiler industry, second only to feed expenses. Therefore, the current study focused to analyze technical and economic feasibility of replacing incandescent lamps already used in aviaries with other lamp types. Costs related to power consumption, implementation and maintenance of the lighting systems were evaluated with the aid of financial mathematics using net present value, return over investment and payback. Systems composed of six lamp types were analyzed in two different configurations to meet the minimum illuminance of 5 and 20 lux and for use in conventional sheds and dark house. The lamps tested were incandescent (LI) of 100 W, compact fluorescent (CFL) of 34 W, mixed (ML) 160 W sodium vapor (SVL) of 70 W, tubular fluorescent T8 (TFL T8) of 40 W and tubular fluorescent T5 (TFL T5) of 28 W. For the systems tested, it was found that the tubular fluorescent lamps T8 and T5 showed the best results of technical and economic feasibility.