A duration e um modelo alternativo: um teste empírico

Estratégias de hedge para portfólios de renda fixa são comumente baseadas na duration. Esse conceito foi desenvolvido tendo como pressuposto que alterações nas taxas de juros serão constantes para toda a estrutura a termo da yield curve, ou seja, que os deslocamentos na yield curve serão paralelos. Este artigo pretende testar esse pressuposto para o mercado futuro de DI1 da BM&F, tendo como base o ano de 1996. Além disso, o artigo compara estratégias de hedge baseadas na duration com estratégias cujo balanceamento é dado por um modelo alternativo que incorpora os efeitos de deslocamentos não-paralelos na yield curve.

Geometria da valva mitral derivada da ressonância magnética cardiovascular na avaliação da gravidade da regurgitação mitral

FUNDAMENTO: A regurgitação mitral é a doença valvar cardíaca mais comum em todo o mundo. A ressonância magnética pode ser uma ferramenta útil para analisar os parâmetros da valva mitral. OBJETIVO: diferenciar padrões geométricos da valva mitral em pacientes com diferentes gravidades por regurgitação mitral (RM) com base na ressonância magnética cardiovascular. MÉTODOS: Sessenta e três pacientes foram submetidos à ressonância magnética cardiovascular. Os parâmetros da valva mitral analisados foram: área (mm2) e ângulo (graus) de tenting, altura do ventrículo (mm), altura do tenting (mm), folheto anterior, comprimento posterior do folheto (leaflet) e diâmetro do anulo (mm). Os pacientes foram divididos em dois grupos, um incluindo pacientes que necessitaram de cirurgia da valva mitral e o outro os que não. RESULTADOS: Trinta e seis pacientes apresentaram de RM discreta a leve (1-2+) e 27 RM de moderada a grave (3-4+). Dez (15,9%) dos 63 pacientes foram submetidos à cirurgia. Pacientes com RM mais grave tiveram maior diâmetro sistólico final do ventrículo esquerdo (38,6 ± 10,2 vs. 45,4 ± 16,8, p < 0,05) e diâmetro diastólico final esquerdo (52,9 ± 6,8 vs. 60,1 ± 12,3, p = 0,005). Na análise multivariada, a área de tenting foi a determinante mais forte de gravidade de RM (r = 0,62, p = 0,035). Comprimento do anulo (36,1 ± 4,7 vs. 41 ± 6,7, p< 0,001), área de tenting (190,7 ± 149,7 vs. 130 ± 71,3, p= 0,048) e comprimento do folheto posterior (15,1 ± 4,1 vs. 12,2 ± 3,5, p= 0,023) foram maiores em pacientes que precisaram de cirurgia da valva mitral. CONCLUSÕES: Área de tenting, anulo e comprimento do folheto posterior são possíveis determinantes da gravidade da RM. Estes parâmetros geométricos podem ser usados para individualizar a gravidade e, provavelmente, no futuro, orientar o tratamento do paciente com base na anatomia individual do aparelho mitral.

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.

Mycovellosiella robbsii sp. nov. causing leaf-spot on Mimosa caesalpiniaefolia

This is a description of the new species Mycovellosiella robsii, a cercosporoidal hyphomycete, associated with leaf spots on Mimosa caesalpiniaefolia, an important hedge plant with multiple uses in Brazil. The new species was compared to other cercosporoid species associated with plants of the genus Mimosa and other species of the genus Mycovellosiella described on legumes, and is recognized as a distinct taxon. Koch's postulates were carried out and the disease was reproduced by inoculating healthy plants with mycelial suspension or disk, confirming the pathogenicity. This is the first report of a fungal disease on this host.

A crise do sistema financeiro globalizado contemporâneo

The paper analyses the development of the contemporary global financial system as a consequence of markets as well as States strategies. This global financial system based on the flexible dollar has generated many financial bubbles since it started in the 80s, of which the 2008 crisis is the latest and the largest, particularly because it affected the main banks in the core market of the system, the U.S. On the last decades, banks had changed their business strategies from traditional lending activities towards more speculative investments, similar to what hedge funds do.