Degradabilidade de grãos secos e ensilados de híbridos de milho submetidos a formas de processamento

Pós-graduação em Zootecnia - FMVZ

Degradabilidade da matéria seca e da proteína bruta de grãos secos e de silagens de grãos úmidos de híbridos de milho (Zea mays), submetidos a diferentes processamentos

The objective of this work was to evaluate the effect of processing two corn hybrids conserved, dry and humid grains, the dry matter (DM) and crude protein (CP) degradability in situ. The particle size was determined and difference was verified in MGD (Medium Geometric Diameter) of processed ingredients. Three sheep were used with rumen canulated, in a completely randomized design, using a factorial outline 2 x 2 x 3, being two corn hybrid, two conservation methods and three processing forms (whole, coarsely and finely ground), with five times of incubation (3, 6, 12, 24 and 48 hours). The fraction A in SDC (silage of dent corn) of DM was superior to GDC (grain of dent corn) in all of the particles size. The ensiling process increased the DM solubility, reducing the fraction B in comparison to dry grain. The values regarding the fractions DP and DE the 5% per hour of the protein, were larger for SDC and GDC, it presents a decreasing when the incubation time advances. The fermentation rate was superior for SDC and GDC. The ensiling process has positive effect in the decreasing of DM and CP in comparison to GDC.

Coassimetria, cocurtose e as taxas de retorno das ações: uma análise com dados em painel

Modelos de apreçamento de ativos têm sido um tema sob constante investigação em finanças. Desde o capital asset pricing model (CAPM) proposto por Sharpe (1964), tais modelos relacionam, geralmente de maneira linear, a taxa de retorno esperada de um ativo ou carteira de ativos com fatores de risco sistêmico. Esta pesquisa apresenta um teste de um modelo de apreçamento, com dados brasileiros, introduzindo em sua formulação fatores de risco baseados em comomentos estatísticos. O modelo proposto é uma extensão do CAPM original acrescido da coassimetria e da cocurtose entre as taxas de retorno das ações das empresas que compõem a amostra e as taxas de retorno da carteira de mercado. Os efeitos de outras variáveis, como o valor de mercado sobre valor contábil, a alavancagem financeira e um índice de negociabilidade em bolsa, serviram de variáveis de controle. A amostra foi composta de 179 empresas brasileiras não financeiras negociadas na BM&FBovespa e com dados disponíveis entre os anos de 2003 a 2007. A metodologia consistiu em calcular os momentos sistêmicos anuais a partir de taxas de retornos semanais e em seguida testá-los em um modelo de apreçamento, a fim de verificar se há um prêmio pelo risco associado a cada uma dessas medidas de risco. Foi empregada a técnica de análise de dados em painel, estimada pelo método dos momentos generalizado (GMM). O emprego do GMM visa lidar com potenciais problemas de determinação simultânea e endogeneidade nos dados, evitando a ocorrência de viés nas estimações. Os resultados das estimações mostram que a relação das taxas de retorno dos ativos com a covariância e a cocurtose são estatisticamente significantes. Os resultados se mostraram robustos a especificações alternativas do modelo. O artigo contribui para a literatura por apresentar evidências empíricas brasileiras de que há um prêmio pelo risco associado aos momentos sistêmicos.

Il polverino di gomma nel riciclaggio a freddo: metodo sperimentale

In questo lavoro sono state studiate diverse miscele di conglomerato bituminoso riciclato a freddo, nelle quali si è inserito polverino di gomma proveniente da riciclaggio di pneumatici dismessi. Lo scopo è stato quello di valutare l’effetto del polverino di gomma all’interno di miscele, contenenti il 100% di fresato, confezionate a freddo con emulsione di bitume e cemento, analizzandone gli effetti sulla lavorabilità, sulla resistenza a trazione indiretta, sui moduli di rigidezza e sulle resistenze a fatica. Nel capitolo primo è introdotto il concetto di sviluppo sostenibile con particolare attenzione al campo delle pavimentazioni stradali. Sono analizzati i più recenti dati riguardanti la produzione di rifiuti di demolizione e ricostruzione in Europa e in Italia. Segue una descrizione del materiale di risulta da scarifica delle pavimentazioni stradali, dei pneumatici e delle modalità di recupero degli stessi. Nel capitolo secondo sono riportati i principali riferimenti legislativi a livello comunitario, nazionale e locale riguardanti le attività coinvolte nel processo di riciclaggio dei rifiuti per la loro utilizzazione nella costruzione di opere stradali, accompagnati dai principali documenti ausiliari, quali sentenze e disposizioni applicative a completamento del suddetto quadro normativo. Nel capitolo terzo vengono descritte le principali tecniche di riciclaggio del fresato. Particolare attenzione viene posta nella descrizione delle procedure operative e dei macchinari adottati nelle operazioni di riciclaggio in sito. Infine vengono valutati i pregi e i difetti delle tecniche di riciclaggio a freddo analizzando i vantaggi economici ed ambientali rispetto a quelle tradizionali a caldo. Nel capitolo quarto sono analizzate le singole costituenti della miscela: Emulsione Bituminosa, Cemento, Aggregati, Polverino di Gomma e Acqua, definendone per ciascuna il ruolo e le caratteristiche meccaniche e fisiche che le contraddistinguono. Nel capitolo quinto, viene sviluppato il programma sperimentale, sono definiti gli obbiettivi e descritte in modo approfondito le cinque fasi nelle quali si articola. Nella fase uno, vengono introdotte le miscele che dovranno essere studiate. Segue una caratterizzazione dei principali costituenti alla base di tali miscele: fresato , polverino di gomma, cemento, filler,emulsione bituminosa. Nella fase due avviene il confezionamento dei provini mediante compattazione con pressa giratoria. Al termine della realizzazione dei campioni, vengono descritte e analizzate le proprietà volumetriche del materiale quali il grado di addensamento, la densità, la lavorabilità. Nelle fasi tre, quattro e cinque, vengono eseguiti in successione test per la valutazione delle resistenze a trazione indiretta ITS, test per la determinazione dei moduli di rigidezza ITSM ed infine test per la valutazione delle durate dei materiali a fatica ITFT. Per ognuno dei test, sono descritte le procedure operative sulla base delle normative di riferimento vigenti. Segue l’analisi dei risultati di ciascuna prova e la valutazione dell’effetto che i singoli costituenti hanno sulle caratteristiche meccaniche della miscela.

The impact of R&D in firm value across Europe

In this thesis the impact of R&D expenditures on firm market value and stock returns is examined. This is performed in a sample of European listed firms for the period 2000-2009. I apply different linear and GMM econometric estimations for testing the impact of R&D on market prices and construct country portfolios based on firms’ R&D expenditure to market capitalization ratio for studying the effect of R&D on stock returns. The results confirm that more innovative firms have a better market valuation,investors consider R&D as an asset that produces long-term benefits for corporations. The impact of R&D on firm value differs across countries. It is significantly modulated by the financial and legal environment where firms operate. Other firm and industry characteristics seem to play a determinant role when investors value R&D. First, only larger firms with lower financial leverage that operate in highly innovative sectors decide to disclose their R&D investment. Second, the markets assign a premium to small firms, which operate in hi-tech sectors compared to larger enterprises for low-tech industries. On the other hand, I provide empirical evidence indicating that generally highly R&D-intensive firms may enhance mispricing problems related to firm valuation. As R&D contributes to the estimation of future stock returns, portfolios that comprise high R&D-intensive stocks may earn significant excess returns compared to the less innovative after controlling for size and book-to-market risk. Further, the most innovative firms are generally more risky in terms of stock volatility but not systematically more risky than low-tech firms. Firms that operate in Continental Europe suffer more mispricing compared to Anglo-Saxon peers but the former are less volatile, other things being equal. The sectors where firms operate are determinant even for the impact of R&D on stock returns; this effect is much stronger in hi-tech industries.

L'efficienza degli indici azionari: un'analisi empirica

La studio dell’efficienza di un indice azionario ha accresciuto la propria importanza nell’industria dell’asset management a seguito della diffusione dell’utilizzo di benchmark e investimenti indicizzati. Il presente lavoro valuta il livello di efficienza dei principali indici del mercato azionario statunitense, dell’Area Euro e italiano. Lo studio empirico ricorre a quattro misure di efficienza: il GRS, un test small-sample multivariato fondato sul CAPM; il test large sample di Wald, implementato tramite una simulazione bootstrap; il test GMM, che è stato applicato in una cornice non-gaussiana attraverso una simulazione block bootstrap; la misura di efficienza relativa di Kandel e Stambaugh. I risultati empirici forniscono una prova evidente della superiore efficienza degli indici equiponderati. Questa conclusione è interpretata sulla base della letteratura scientifica esistente, analizzando le diverse cause di ordine teorico ed empirico che sono state proposte.

Integrative Musterbildung kranialer Strukturen

Form und Gestalt kraniofazialer Strukturen sind primär beeinflusst durch die inhärente Integration der unterschiedlichsten Funktionssysteme und externer selektiver Einflüsse. Die Variabilität der Schädel-Morphe ist ein Indikator für solche Einflussfaktoren und damit ein idealer Gegenstand für vergleichende Analysen morphogenetischer Formbildung. Zur Ermittlung morphologisch-adaptiver Trends und Muster wurden sowohl Hypothesen zur morphologischen Differenziertheit als auch zu Korrelationen zwischen modularen Schädelkompartimenten (fazial, neurokranial, basikranial) untersucht. Zusätzlich wurden aus Schichtröntgenaufnahmen (CT) virtuelle Modelle rekonstruiert, welche die Interpretation der statistischen Befunde unterstützen sollten. Zur Berechnung der Gestaltunterschiede wurden mittels eines mechanischen Gelenkarm-Messgerätes (MicroScribe-G2) max. 85 ektokraniale Messpunkte (Landmarks) bzw. dreidimensionale Koordinaten an ca. 520 Schädeln von fünf rezenten Gattungen der Überfamilie Hominoidea (Hylobates, Pongo, Gorilla, Pan und Homo) akquiriert. Aus dem Datensatz wurden geometrische Störfaktoren (Größe, Translation, Rotation) mathematisch eliminiert und die verbleibenden Residuale bzw. ‚Gestalt-Variablen‘ diversen multivariat-statistischen Verfahren unterzogen (Faktoren, Cluster-, Regressions- und Korrelationsanalysen sowie statistische Tests). Die angewandten Methoden erhalten die geometrische Information der Untersuchungsobjekte über alle Analyseschritte hinweg und werden unter der Bezeichnung „Geometric Morphometrics (GMM)“ als aktueller Ansatz der Morphometrie zusammengefasst. Für die unterschiedlichen Fragestellungen wurden spezifische Datensätze generiert. Es konnten diverse morphologische Trends und adaptive Muster mit Hilfe der Synthese statistischer Methoden und computer-basierter Rekonstruktionen aus den generierten Datensätzen ermittelt werden. Außerdem war es möglich, präzise zu rekonstruieren, welche kranialen Strukturen innerhalb der Stichprobe miteinander wechselwirken, einzigartige Variabilitäten repräsentieren oder eher homogen gestaltet sind. Die vorliegenden Befunde lassen erkennen, dass Fazial- und Neurokranium am stärksten miteinander korrelieren, während das Basikranium geringe Abhängigkeiten in Bezug auf Gesichts- oder Hirnschädelveränderungen zeigte. Das Basikranium erweist sich zudem bei den nicht-menschlichen Hominoidea und über alle Analysen hinweg als konservative und evolutiv-persistente Struktur mit dem geringsten Veränderungs-Potential. Juvenile Individuen zeigen eine hohe Affinität zueinander und zu Formen mit einem kleinem Gesichts- und großem Hirnschädel. Während das Kranium des rezenten Menschen primär von Enkephalisation und fazialer Retraktion (Orthognathisierung) dominiert ist und somit eine einzigartige Gestalt aufweist, zeigt sich der Kauapparat als maßgeblich formbildendes Kompartiment bei den nicht-menschlichen Formen. Die Verbindung von GMM mit den interaktiven Möglichkeiten computergenerierter Modelle erwies sich als valides Werkzeug zur Erfassung der aufgeworfenen Fragestellungen. Die Interpretation der Befunde ist durch massive Interkorrelationen der untersuchten Strukturen und der statistisch-mathematischen Prozeduren als hoch komplex zu kennzeichnen. Die Studie präsentiert einen innovativen Ansatz der modernen Morphometrie, welcher für zukünftige Untersuchungen im Bereich der kraniofazialen Gestaltanalyse ausgebaut werden könnte. Dabei verspricht die Verknüpfung mit ‚klassischen’ und modernen Zugängen (z. B. Molekularbiologie) gesteigerte Erkenntnismöglichkeiten für künftige morphometrische Fragestellungen.

Modeling the spatial dynamics of economic models

The advances that have been characterizing spatial econometrics in recent years are mostly theoretical and have not found an extensive empirical application yet. In this work we aim at supplying a review of the main tools of spatial econometrics and to show an empirical application for one of the most recently introduced estimators. Despite the numerous alternatives that the econometric theory provides for the treatment of spatial (and spatiotemporal) data, empirical analyses are still limited by the lack of availability of the correspondent routines in statistical and econometric software. Spatiotemporal modeling represents one of the most recent developments in spatial econometric theory and the finite sample properties of the estimators that have been proposed are currently being tested in the literature. We provide a comparison between some estimators (a quasi-maximum likelihood, QML, estimator and some GMM-type estimators) for a fixed effects dynamic panel data model under certain conditions, by means of a Monte Carlo simulation analysis. We focus on different settings, which are characterized either by fully stable or quasi-unit root series. We also investigate the extent of the bias that is caused by a non-spatial estimation of a model when the data are characterized by different degrees of spatial dependence. Finally, we provide an empirical application of a QML estimator for a time-space dynamic model which includes a temporal, a spatial and a spatiotemporal lag of the dependent variable. This is done by choosing a relevant and prolific field of analysis, in which spatial econometrics has only found limited space so far, in order to explore the value-added of considering the spatial dimension of the data. In particular, we study the determinants of cropland value in Midwestern U.S.A. in the years 1971-2009, by taking the present value model (PVM) as the theoretical framework of analysis.

Shareholder protection and stock market development

The dissertation contains five parts: An introduction, three major chapters, and a short conclusion. The First Chapter starts from a survey and discussion of the studies on corporate law and financial development literature. The commonly used methods in these cross-sectional analyses are biased as legal origins are no longer valid instruments. Hence, the model uncertainty becomes a salient problem. The Bayesian Model Averaging algorithm is applied to test the robustness of empirical results in Djankov et al. (2008). The analysis finds that their constructed legal index is not robustly correlated with most of the various stock market outcome variables. The second Chapter looks into the effects of minority shareholders protection in corporate governance regime on entrepreneurs' ex ante incentives to undertake IPO. Most of the current literature focuses on the beneficial part of minority shareholder protection on valuation, while overlooks its private costs on entrepreneur's control. As a result, the entrepreneur trade-offs the costs of monitoring with the benefits of cheap sources of finance when minority shareholder protection improves. The theoretical predictions are empirically tested using panel data and GMM-sys estimator. The third Chapter investigates the corporate law and corporate governance reform in China. The corporate law in China regards shareholder control as the means to the ends of pursuing the interests of stakeholders, which is inefficient. The Chapter combines the recent development of theories of the firm, i.e., the team production theory and the property rights theory, to solve such problem. The enlightened shareholder value, which emphasizes on the long term valuation of the firm, should be adopted as objectives of listed firms. In addition, a move from the mandatory division of power between shareholder meeting and board meeting to the default regime, is proposed.

Corpus-Based Speech Enhancement With Uncertainty Modeling and Cepstral Smoothing

We present a new approach for corpus-based speech enhancement that significantly improves over a method published by Xiao and Nickel in 2010. Corpus-based enhancement systems do not merely filter an incoming noisy signal, but resynthesize its speech content via an inventory of pre-recorded clean signals. The goal of the procedure is to perceptually improve the sound of speech signals in background noise. The proposed new method modifies Xiao's method in four significant ways. Firstly, it employs a Gaussian mixture model (GMM) instead of a vector quantizer in the phoneme recognition front-end. Secondly, the state decoding of the recognition stage is supported with an uncertainty modeling technique. With the GMM and the uncertainty modeling it is possible to eliminate the need for noise dependent system training. Thirdly, the post-processing of the original method via sinusoidal modeling is replaced with a powerful cepstral smoothing operation. And lastly, due to the improvements of these modifications, it is possible to extend the operational bandwidth of the procedure from 4 kHz to 8 kHz. The performance of the proposed method was evaluated across different noise types and different signal-to-noise ratios. The new method was able to significantly outperform traditional methods, including the one by Xiao and Nickel, in terms of PESQ scores and other objective quality measures. Results of subjective CMOS tests over a smaller set of test samples support our claims.

Volumetric morphometrics

Geometric morphometrics (GMM) methods are very popular in physical anthropology. One disadvantage common to the existingGMM methods is that despite significant advancements in computed tomography (CT) and magnetic resonance imaging (MRI)technology, these methods still depend on landmarks or features that are either digitized directly from subject surface or extractedfrom surface models or outlines derived from a laser surface scan or from a CTor MRI scan. All the rest image contents contained ina CTor MRI scan are ignored by these methods. In this paper, we present a complementary solution called Volumetric Morphometrics(VMM). With VMM, we are aiming for a paradigm shift from landmarks and surfaces used in existing GMM approaches todisplacements and volumes in the new VMM approaches, taking the full advantage of modern CTand MRI technology. Preliminaryvalidation results on ancient human skulls are presented.

Expectation Conditional Maximization-Based Deformable Shape Registration

This paper addresses the issue of matching statistical and non-rigid shapes, and introduces an Expectation Conditional Maximization-based deformable shape registration (ECM-DSR) algorithm. Similar to previous works, we cast the statistical and non-rigid shape registration problem into a missing data framework and handle the unknown correspondences with Gaussian Mixture Models (GMM). The registration problem is then solved by fitting the GMM centroids to the data. But unlike previous works where equal isotropic covariances are used, our new algorithm uses heteroscedastic covariances whose values are iteratively estimated from the data. A previously introduced virtual observation concept is adopted here to simplify the estimation of the registration parameters. Based on this concept, we derive closed-form solutions to estimate parameters for statistical or non-rigid shape registrations in each iteration. Our experiments conducted on synthesized and real data demonstrate that the ECM-DSR algorithm has various advantages over existing algorithms.

Optimally Combining Censored and Uncensored Datasets

Economists and other social scientists often face situations where they have access to two datasets that they can use but one set of data suffers from censoring or truncation. If the censored sample is much bigger than the uncensored sample, it is common for researchers to use the censored sample alone and attempt to deal with the problem of partial observation in some manner. Alternatively, they simply use only the uncensored sample and ignore the censored one so as to avoid biases. It is rarely the case that researchers use both datasets together, mainly because they lack guidance about how to combine them. In this paper, we develop a tractable semiparametric framework for combining the censored and uncensored datasets so that the resulting estimators are consistent, asymptotically normal, and use all information optimally. When the censored sample, which we refer to as the master sample, is much bigger than the uncensored sample (which we call the refreshment sample), the latter can be thought of as providing identification where it is otherwise absent. In contrast, when the refreshment sample is large and could typically be used alone, our methodology can be interpreted as using information from the censored sample to increase effciency. To illustrate our results in an empirical setting, we show how to estimate the effect of changes in compulsory schooling laws on age at first marriage, a variable that is censored for younger individuals. We also demonstrate how refreshment samples for this application can be created by matching cohort information across census datasets.