Market timing e avaliação de desempenho dos fundos brasileiros

Este trabalho avalia o desempenho de fundos de investimento brasileiros pelo seu market timing, ou seja, pela capacidade de os gestores anteciparem diferenças de retorno das ações em relação a um ativo de renda fixa. Utilizam-se testes - paramétrico e não-paramétrico - desenvolvidos por Henriksson e Merton para a análise do desempenho de 243 fundos, no período de setembro de 1998 a outubro de 2003. Encontra-se evidência de habilidade de market timing para uma minoria de gestores de fundos, resultado que aparentemente se deve à maior facilidade de se preverem grandes diferenças de retorno entre o mercado acionário e a taxa de juros livre de risco.

Effects of the length and timing of nighttime naps on task performance and physiological function

OBJECTIVE: To examine the effects of the length and timing of nighttime naps on performance and physiological functions, an experimental study was carried out under simulated night shift schedules. METHODS: Six students were recruited for this study that was composed of 5 experiments. Each experiment involved 3 consecutive days with one night shift (22:00-8:00) followed by daytime sleep and night sleep. The experiments had 5 conditions in which the length and timing of naps were manipulated: 0:00-1:00 (E60), 0:00-2:00 (E120), 4:00-5:00 (L60), 4:00-6:00 (L120), and no nap (No-nap). During the night shifts, participants underwent performance tests. A questionnaire on subjective fatigue and a critical flicker fusion frequency test were administered after the performance tests. Heart rate variability and rectal temperature were recorded continuously during the experiments. Polysomnography was also recorded during the nap. RESULTS: Sleep latency was shorter and sleep efficiency was higher in the nap in L60 and L120 than that in E60 and E120. Slow wave sleep in the naps in E120 and L120 was longer than that in E60 and L60. The mean reaction time in L60 became longer after the nap, and faster in E60 and E120. Earlier naps serve to counteract the decrement in performance and physiological functions during night shifts. Performance was somewhat improved by taking a 2-hour nap later in the shift, but deteriorated after a one-hour nap. CONCLUSIONS: Naps in the latter half of the night shift were superior to earlier naps in terms of sleep quality. However performance declined after a 1-hour nap taken later in the night shift due to sleep inertia. This study suggests that appropriate timing of a short nap must be carefully considered, such as a 60-min nap during the night shift.

Nitrogen application timing and soil inorganic nitrogen dynamics under no-till oat/maize sequential cropping

The timing of N application to maize is a key factor to be considered in no-till oat/maize sequential cropping. This study aimed to evaluate the influence of pre-planting, planting and sidedress N application on oat residue decomposition, on soil N immobilisation and remineralisation and on N uptake by maize plants in no-till oat/maize sequential cropping. Undisturbed soil cores of 10 and 20 cm diameter were collected from the 0-15 cm layer of a no-till Red Latossol, when the oat cover crop was in the milk-grain stage. Two greenhouse experiments were conducted simultaneously. Experiment A, established in the 10 cm diameter cores and without plant cultivation, was used to asses N dynamics in soil and oat residues. Experiment B, established in the 20 cm diameter cores and with maize cultivation, was used to assess plant growth and N uptake. An amount of 6.0 Mg ha-1 dry matter of oat residues was spread on the surface of the cores. A rate of 90 kg N ha-1 applied as ammonium sulphate in both experiments was split in pre-planting, planting and sidedress applications as follows: (a) 00-00-00 (control), (b) 90-00-00 (pre-planting application, 20 days before planting), (c) 00-90-00 (planting application), (d) 00-30-60 (split in a planting and a sidedress application 31 days after emergence), (e) 00-00-00* (control, without oat residue) and (f) 90-00-00* (pre-planting application, without oat residue). The N concentration and N content in oat residues were not affected during decomposition by N fertilisation. Most of the fertiliser NH4+-N was converted into NO3--N within 20 days after application. A significant decrease in NO3--N contents in the 0-4 cm layer was observed in all treatments between 40 and 60 days after the oat residue placement on the soil surface, suggesting the occurrence of N immobilisation in this period. Considering that most of the inorganic N was converted into NO3- and that no immobilisation of the pre planting fertiliser N occurred at the time of its application, it was possible to conclude that pre-planting applied N was prone to losses by leaching. On the other hand, with split N applications, maize plants showed N deficiency symptoms before sidedress application. Two indications for fertiliser-N management in no-till oat/maize sequential cropping could be suggested: (a) in case of split application, the sidedress should be earlier than 30 days after emergence, and (b) if integral application is preferred to save field operations, this should be done at planting.

Maize response to nitrogen fertilization timing in two tillage systems in a soil with high organic matter content

No-tillage systems, associated to black oat as preceding cover crop, have been increasingly adopted. This has motivated anticipated maize nitrogen fertilization, transferring it from the side-dress system at the stage when plants have five to six expanded leaves to when the preceding cover crop is eliminated or to maize sowing. This study was conducted to evaluate the effects of soil tillage system and timing of N fertilization on maize grain yield and agronomic efficiency of N applied to a soil with high organic matter content. A three-year field experiment was conducted in Lages, state of Santa Catarina, from 1999 onwards. Treatments were set up in a split plot arrangement. Two soil tillage systems were tested in the main plots: conventional tillage (CT) and no-tillage (NT). Six N management systems were assessed in the split-plots: S1 - control, without N application; S2 - all N (100 kg ha-1) applied at oat desiccation; S3 - all N applied at maize sowing; S4 - all N side-dressed when maize had five expanded leaves (V5 growth stage); S5 - 1/3 of N rate applied at maize sowing and 2/3 at V5; S6 - 2/3 of nitrogen rate applied at maize sowing and 1/3 at V5. Maize response to the time and form of splitting N was not affected by the soil tillage system. Grain yield ranged from 6.0 to 11.8 t ha-1. The anticipation of N application (S2 and S3) decreased grain yield in two of three years. In the rainiest early spring season (2000/2001) of the experiment, S4 promoted an yield advantage of 2.2 t ha-1 over S2 and S3. Application of total N rate before or at sowing decreased the number of kernels produced per ear in 2000/2001 and 2001/2002 and the number of ears produced per area in 2001/2002, resulting in reduced grain yield. The agronomic efficiency of applied N (kg grain increase/kg of N applied) ranged from 13.9 to 38.8 and was always higher in the S4 than in the S2 and S3 N systems. Short-term N immobilization did not reduce grain yield when no N was applied before or at maize sowing in a soil with high organic matter content, regardless of the soil tillage system.

Timing, location and crop species influence the magnitude of amelioration of aluminum toxicity by magnesium

The protective effect of cations, especially Ca and Mg, against aluminum (Al) rhizotoxicity has been extensively investigated in the last decades. The mechanisms by which the process occurs are however only beginning to be elucidated. Six experiments were carried out here to characterize the protective effect of Mg application in relation to timing, location and crop specificity: Experiment 1 - Protective effect of Mg compared to Ca; Experiment 2 - Protective effect of Mg on distinct root classes of 15 soybean genotypes; Experiment 3 - Effect of timing of Mg supply on the response of soybean cvs. to Al; Experiment 4 - Investigating whether the Mg protective effect is apoplastic or simplastic using a split-root system; Experiment 5 - Protective effect of Mg supplied in solution or foliar spraying, and Experiment 6 - Protective effect of Mg on Al rhizotoxicity in other crops. It was found that the addition of 50 mmol L-1 Mg to solutions containing toxic Al increased Al tolerance in 15 soybean cultivars. This caused soybean cultivars known as Al-sensitive to behave as if they were tolerant. The protective action of Mg seems to require constant Mg supply in the external medium. Supplying Mg up to 6 h after root exposition to Al was sufficient to maintain normal soybean root growth, but root growth was not recovered by Mg addition 12 h after Al treatments. Mg application to half of the root system not exposed to Al was not sufficient to prevent Al toxicity on the other half exposed to Al without Mg in rooting medium, indicating the existence of an external protection mechanism of Mg. Foliar spraying with Mg also failed to decrease Al toxicity, indicating a possible apoplastic role of Mg. The protective effect of Mg appeared to be soybean-specific since Mg supply did not substantially improve root elongation in sorghum, wheat, corn, cotton, rice, or snap bean when grown in the presence of toxic Al concentrations.

Green manure incorporation timing for organically grown broccoli

The objective of this work was to determine the effect of incorporation timing of the velvet bean (Stizolobium cinereum) (GM) on both organic broccoli yield and N status. Mineral N content in the soil, biologically fixed N recovery by broccoli, GM biomass decomposition and N release kinetics were also determined. Plots were fertilized with 12 Mg ha-1 of organic compost and received GM either at 0, 15, 30 or 45 days after transplant. Other treatments were compost (12 or 25 Mg ha-1), GM, mineral fertilizers and control (no fertilizer). The data were collected in four completely randomized blocks. GM decomposition increased mineral N content in soil as rapidly as mineral fertilizer or the supply of 25 Mg ha-1 of compost. The N half-life in GM (24 days) is smaller than the mass half-life (35 days) and the biological fixation contributed with 23.6% of N present in the aboveground biomass of broccoli. The result suggests a higher synchrony between the crop relative growth rate and N release from the GM when incorporated at crop early growth stage. The incorporation of GM until 15 days after transplanting replaces 50% of the highest compost dose, without yield loss.

Cover crops and herbicide timing management on soybean yield under no-tillage system

The objective of this work was to evaluate the effect of cover crops and timing of pre-emergence herbicide applications on soybean yield under no-tillage system. The experiment consisted of four cover crops (Panicum maximum, Urochloa ruziziensis, U. brizantha, and pearl millet) and fallow, in addition to four herbicide timings (30, 20, 10, and 0 days before soybean sowing), under no-tillage system (NTS), and of two control treatments under conventional tillage system (CTS). The experimental design was a completely randomized block, in a split-plot arrangement, with three replicates. Soybean under fallow, P. maximum, U. ruziziensis, U. brizantha, and pearl millet in the NTS and soybean under U. brizantha in the CTS did not differ significantly regarding yield. Soybean under fallow in the CTS significantly reduced yield when compared to the other treatments. The amount of straw on soil surface did not significantly affect soybean yield. Chemical management of P. maximum and U. brizantha near the soybean sowing date causes significant damage in soybean yield. However, herbicide timing in fallow, U. ruziziensis, and pearl millet does not affect soybean yield.

Ethephon use and application timing of abscisic acid for improving color of 'Rubi' table grape

The objective of this work was to evaluate the effect of ethephon and of abscisic acid (ABA) application timing on the color of 'Rubi' Table grape. Eight treatments were evaluated: control, without application; ethephon 500 mg L‑1 applied seven days after veraison (7 DAV); and two concentrations of ABA (200 and 400 mg L‑1) arranged with three application timings at 7 DAV, at 15 days before harvest (DBH), and at 7 DAV + 15 DBH. ABA does not modify physical‑chemical characteristics of the cluster and improves the color of grapes, especially when applied twice (7 DAV + 15 DBH) at the concentration of 400 mg L‑1.

The effect of timing temporary cements to treat induced pulp necrosis in the teeth of dogs

During endodontic therapy (pulpectomy, root canal debridement and root canal filling) microbiological management is a major concern. Bacteria present in dentine tubules, apical foramina and apical delta are causally related to failure of the procedure. Studies have shown that during single session endodontic treatment bacteria remain within dental structures. The aim of the present study was to evaluate endodontic treatment performed as two sessions, using temporary endodontic dressing materials for different periods in four groups of experimental dogs. A total of 80 roots of second and third upper premolar teeth and second, third and fourth lower premolar teeth were divided into four groups. The pulp chamber was opened with burrs and the pulp exposed for 60 days to induce pulpal inflammation and necrosis. Groups II, III and IV were treated with calcium hydroxide plus camphorated paramono-chlorophenol (PMCC) for 7, 15 and 30 days, respectively. In all groups, the root canals were filled with zinc oxide-eugenol and gutta-percha cones. Clinical and radiographical measurements were performed every 2 weeks. After 60 days a small block section containing the teeth, surrounding periapical tissues and the periodontium was removed for histological and microbiological study. Histological analysis revealed intense inflammatory response in all groups. Microbiological analysis showed microbial reduction inversely proportional to the period of time that the intracanal temporary medicament was left in place.

Corn and soybean yields as affected by cover crops and herbicide timing under no-tillage system

To achieve better results in the no-tillage system (NTS), it is important to properly manage the cover crop prior to planting by using herbicides, usually glyphosate. The effect of glyphosate on plant coverage is slow, and plants take a few days to die completely. Thus, when applying the herbicide on the same day of planting soybean or corn, cover crops are still alive and standing, causing initial shading on seedlings of the crop and delaying its establishment. Therefore, this study aimed to evaluate the effect of distinct cover crops and their timing of desiccation prior to planting soybean or corn, on crop yield and yield components. Two experiments were installed, one for soybean and another for corn. Each experiment consisted in combining three cover crops (Brachiaria brizantha, common bean or millet) chemically desiccated at two timings before planting the crop (15 or 0 days before planting) under no-tillage system (NTS). Experiments were installed in a completely randomized block design with five replications. Brachiaria brizantha produced the highest amount of biomass; common bean and millet as cover crops allowed higher soybean grain yields; herbicide application under common bean, millet and Brachiaria brizantha 15 days before planting soybean allowed higher crop grain yields; desiccation timing of common bean did not affect corn grain yield; Brachiaria brizantha should be desiccated 15 days before planting corn to allow maximum grain yield; when millet was used as a cover crop, glyphosate application at planting of corn allowed the highest grain yield.

A simple model for circadian timing by mammals

Circadian timing is structured in such a way as to receive information from the external and internal environments, and its function is the timing organization of the physiological and behavioral processes in a circadian pattern. In mammals, the circadian timing system consists of a group of structures, which includes the suprachiasmatic nucleus (SCN), the intergeniculate leaflet and the pineal gland. Neuron groups working as a biological pacemaker are found in the SCN, forming a biological master clock. We present here a simple model for the circadian timing system of mammals, which is able to reproduce two fundamental characteristics of biological rhythms: the endogenous generation of pulses and synchronization with the light-dark cycle. In this model, the biological pacemaker of the SCN was modeled as a set of 1000 homogeneously distributed coupled oscillators with long-range coupling forming a spherical lattice. The characteristics of the oscillator set were defined taking into account the Kuramoto's oscillator dynamics, but we used a new method for estimating the equilibrium order parameter. Simultaneous activities of the excitatory and inhibitory synapses on the elements of the circadian timing circuit at each instant were modeled by specific equations for synaptic events. All simulation programs were written in Fortran 77, compiled and run on PC DOS computers. Our model exhibited responses in agreement with physiological patterns. The values of output frequency of the oscillator system (maximal value of 3.9 Hz) were of the order of magnitude of the firing frequencies recorded in suprachiasmatic neurons of rodents in vivo and in vitro (from 1.8 to 5.4 Hz).

STIM1/Orai1-mediated store-operated Ca2+ entry: the tip of the iceberg

Highly efficient mechanisms regulate intracellular calcium (Ca2+) levels. The recent discovery of new components linking intracellular Ca2+ stores to plasma membrane Ca2+ entry channels has brought new insight into the understanding of Ca2+ homeostasis. Stromal interaction molecule 1 (STIM1) was identified as a Ca2+ sensor essential for Ca2+ store depletion-triggered Ca2+ influx. Orai1 was recognized as being an essential component for the Ca2+ release-activated Ca2+ (CRAC) channel. Together, these proteins participate in store-operated Ca2+ channel function. Defective regulation of intracellular Ca2+ is a hallmark of several diseases. In this review, we focus on Ca2+ regulation by the STIM1/Orai1 pathway and review evidence that implicates STIM1/Orai1 in several pathological conditions including cardiovascular and pulmonary diseases, among others.

Estudo clínico e ultraestrutural pós-turbinectomia inferior parcial

O presente trabalho refere-se ao estudo dos resultados clínicos e histológicos obtidos após a turbinectomia inferior parcial (TIP), cirurgia indicada no tratamento da obstrução nasal crônica causada pela hipertrofia das conchas nasais inferiores. MATERIAL E MÉTODOS: Foram estudados vinte pacientes, divididos em dois grupos de dez cada (grupos A e B), submetidos à TIP, associada à septoplastia ou não. Os pacientes foram reavaliados clinicamente e histologicamente (com biópsia das áreas regeneradas das conchas inferiores), em dois períodos pós-operatórios diferentes: um grupo após oito a doze meses (grupo A) e outro após dois anos de TIP (grupo B). RESULTADOS: Os resultados clínicos mostraram-se satisfatórios para o alívio da obstrução nasal no grupo A, e insatisfatórios no grupo B. Entretanto, melhores resultados histológicos, com maior recuperação e diferenciação epitelial da mucosa regenerada das conchas inferiores após a TIP foram observados no grupo B, com sua ultraestrutura ciliar normal. CONCLUSÕES: A cirurgia revelou ser eficaz a curto, mas não em médio prazo, apesar da recuperação histológica ter sido importante.

Participação do cerebelo no processamento auditivo

O cerebelo era tradicionalmente visto como um órgão coordenador da motricidade, entretanto é atualmente considerado como um importante centro de integração de sensibilidades e coordenação de várias fases do processo cognitivo. OBJETIVO: é sistematizar as informações da literatura quanto à participação do cerebelo na percepção auditiva. MÉTODOS: foram selecionados na literatura trabalhos em animais sobre a fisiologia e anatomia das vias auditivas do cerebelo, além de trabalhos em humanos sobre diversas funções do cerebelo na percepção auditiva. Foram discutidos os achados da literatura, que há evidências que o cerebelo participa das seguintes funções cognitivas relacionadas à audição: geração verbal; processamento auditivo; atenção auditiva; memória auditiva; raciocínio abstrato; timing; solução de problemas; discriminação sensorial; informação sensorial; processamento da linguagem; operações lingüísticas. CONCLUSÃO: Foi constatado que são incompletas as informações sobre as estruturas, funções e vias auditivas do cerebelo.