Teste de eficiência da magic formula de value investing para o mercado brasileiro de ações

O objetivo desse trabalho é realizar um procedimento de back-test da Magic Formula no IBX-100, a fim de reunir evidencias sobre a eficiência de tal metodologia no processo de seleção das melhores ações e formação de carteiras que superem o desempenho do IBX-100 no longo prazo. Desenvolvida por Joel Greenblatt, a Magic Formula é uma metodologia de formação de carteiras que consiste em escolher ações com altos ROICs e Earnings Yields, seguindo a filosofia de Value Investing. Diversas carteiras foram montadas no período de janeiro de 2000 a junho de 2015 utilizando diferentes combinações de número de ativos por carteira e períodos de permanência. Nem todas as carteiras apresentaram retornos superiores ao índice de mercado. Aparentemente, as carteiras com mais ações e períodos de permanência mais longos apresentam desempenho superior às carteiras menores e com rotatividade maior (períodos de permanência mais curtos). A carteira de 10 ações, com período de permanência de 1 ano, apresentou o maior CAGR dentre todas as outras (17,77%), superando o CAGR de 13,17% do IBX-100 no mesmo período. Esse resultado foi superior mesmo quando ajustado ao risco. Independentemente do período de permanência e número de ações, todas as carteiras apresentaram riscos sistemáticos menores do que o índice IBX-100 (todos os betas foram significativos e menores do que 1). Por outro lado, os alfas das carteiras foram muito baixos e, raramente, significativos, sugerindo que a gestão ativa de acordo com os critérios da Magic Formula não adiciona retornos substancialmente maiores do que o retorno relacionado à variações de mercado.

Infant formula and enamel fluorosis A systematic review

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Nitrosyl ruthenium complexes with general formula [RuCl3,(NO)(P-P)] (P-P={PPh(2)(CH2)(n)PPh(2)},n=1-3 and {PPh(2)-CH=CH-PPh(2)}). X-ray structure of [RuCl3(NO){PPh(2)(CH2)(3)PPh(2)}]

Ruthenium(II) complexes with general formula [RuCl3(NO)(P-P)] were obtained in the solid state, where P-P = PPh(2)(CH2)(n)PPh(2) (n = 1-3) and PPh(2)-CH = CH-PPh(2). The P-31 NMR spectra of these compounds measured in CH2Cl2 showed only singlets, consistent with a fac configuration containing two equivalent phosphorus atoms, However the X-ray diffraction data show that the [RuCl3(NO){PPh(2)(CH2)(3)PPh(2)}] complex crystallizes in a met configuration, where one of the phosphorus atoms is trans to the NO group, in a slightly distorted octahedral geometry. Copyright (C) 1996 Elsevier B.V. Ltd

Nutritional management and weight changes during hospitalization of Brazilian infants with diarrhoea: Primary reliance on oral feeding or continuous nasogastric drip with locally made, modulated minced chicken formula

The nutritional management of infants admitted with diarrhoea to the University Hospital of Botucatu includes a change from bolus feeding of a modulated minced-chicken formula to a continuous nasogastric drip (NGD) feeding, whenever the required calorie intake is not achieved or the diarrhoea does not subside. To evaluate this approach, the clinical course and weight changes of 63 children, aged 1-20 months, were reviewed; most (81 per cent) were below the third percentile for weight at admission and 76 per cent had a total duration of diarrhoea ≥10 days. Associated infections, mainly systemic, were present at or after admission in 70 per cent of them. Twenty-five survivors needed nutritional support (NS), predominantly NGD, for a median duration of 30 per cent of their admission time, and were compared to 31 survivors managed without NS. Those who necessitated NS lost weight for a significantly longer median time (12x4 days, p<0.005), but their total weight loss was similar (5x4 per cent) as well as diarrhoea's duration (8x7 days). There was a tendency for a longer hospitalization (21x16 days 0.05

A dimension formula for reduced plethysms

The boson calculus formalism is used to construct realizations of basis states of irreducible representations of unitary groups taking as a paradigm the interacting boson models of atomic nuclei. These realizations, together with a theorem on plethysms for obtaining branching rules, allowed us to obtain a dimension formula for reduced plethysms. © 2005 IOP Publishing Ltd.

Hypercomplex geometric derivative from a Cauchy-like integral formula

The derivation and integration of hipercomplex functions have been investigated along the years, see [7], [11], [14]. The main purpose of this brief article is to give a geometrical interpretation for quaternionic derivatives, based on a recent determination of a Cauchy-like formula for quaternions, see [3]. © 2011 Academic Publications.

Reimplante dentário após a utilização da solução de Euro-Collins® ou leite bovino como meio de conservação: análise histomorfométrica em cães

Pós-graduação em Odontologia - FOA

A Favard type theorem for orthogonal polynomials on the unit circle from a three term recurrence formula

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Consistency of the mass variation formula for black holes accreting cosmological fluids

We address the spherical accretion of generic fluids onto black holes. We show that, if the black hole metric satisfies certain conditions, in the presence of a test fluid it is possible to derive a fully relativistic prescription for the black hole mass variation. Although the resulting equation may seem obvious due to a form of it appearing as a step in the derivation of the Schwarzschild metric, this geometrical argument is necessary to fix the added degree of freedom one gets for allowing the mass to vary with time. This result has applications on cosmological accretion models and provides a derivation from first principles to serve as a basis to the accretion equations already in use in the literature.

Dahlberg formula: a novel approach for its evaluation

INTRODUCTION: The accurate evaluation of error of measurement (EM) is extremely important as in growth studies as in clinical research, since there are usually quantitatively small changes. In any study it is important to evaluate the EM to validate the results and, consequently, the conclusions. Because of its extreme simplicity, the Dahlberg formula is largely used worldwide, mainly in cephalometric studies. OBJECTIVES: (I) To elucidate the formula proposed by Dahlberg in 1940, evaluating it by comparison with linear regression analysis; (II) To propose a simple methodology to analyze the results, which provides statistical elements to assist researchers in obtaining a consistent evaluation of the EM. METHODS: We applied linear regression analysis, hypothesis tests on its parameters and a formula involving the standard deviation of error of measurement and the measured values. RESULTS AND CONCLUSION: we introduced an error coefficient, which is a proportion related to the scale of observed values. This provides new parameters to facilitate the evaluation of the impact of random errors in the research final results.

Lê–Greuel type formula for the Euler obstruction and applications

The Euler obstruction of a function f can be viewed as a generalization of the Milnor number for functions defined on singular spaces. In this work, using the Euler obstruction of a function, we establish several Lê–Greuel type formulas for germs f:(X,0)→(C,0) and g:(X,0)→(C,0). We give applications when g is a generic linear form and when f and g have isolated singularities.

Effect of different rotifers enrichment formula feed on growth and survival of sea bream larvae ("Sparus aurata")

Universidad de Las Palmas de Gran Canaria. Facultad de Ciencias del Mar. Final assignment for the Marine Science Degree ; 2013-2014