Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. the conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. the inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

English grammar, adapted to the different classes of learners with an appendix, containing rules and observations, for assisting the more advanced students to write perspicuity and accuracy

UANL

Certification of community-based forest enterprises (CFEs): limits of the Brazilian experiences

The Brazilian Amazon is one of the world’s largest tropical forests. It supplies more than 80 % of Brazil’s timber production and makes this nation the second largest producer of tropical wood. The forestry sector is of major importance in terms of economic production and employment creation. However, the Brazilian Amazon is also known for its high deforestation rate and for its rather unsustainably managed timber resources, a fact which puts in the balance the long-term future of the forestry sector in the region. Since the mid- 1990s, with strong support from World Wildlife Fund (WWF), the number of tropical forests certified by the Forest Stewardship Council (FSC) has significantly increased. This is especially true for projects sponsored by large scale companies. The number of community- based forest management projects has also increased. Certification of community-based forest enterprises (CFEs) was initially a goal for the sponsors and community members. Certification is viewed as a way to reach alternative timber markets. In Brazil, the state of Acre has the highest concentration of CFEs certified by FSC. Most of them have been implemented with the support of environmental NGOs and public funds. Environmental NGOs strongly defend the advantages of certification for communities; however, in reality, this option is not that advantageous. Despite all the efforts, the number of participants in each project remains low. Why is this occurring? In this paper, we analyze the underlying motives of a few individual’s participation in CFEs certification projects. We aim to present and discuss some factors that shape the success of CFEs and their later certification. The results are based on surveys conducted in two certified CFEs in the state of Acre.

Biochar improves fertility of a clay soil in the Brazilian Savannah: short term effects and impact on rice yield

The objective of this study was to report single season effects of wood biochar (char) application coupled with N fertilization on soil chemical properties, aerobic rice growth and grain yield in a clayey Rhodic Ferralsol in the Brazilian Savannah. Char application effected an increase in soil pH, K, Ca, Mg, CEC, Mn and nitrate while decreasing Al content and potential acidity of soils. No distinct effect of char application on grain yield of aerobic rice was observed. We believe that soil properties impacted by char application were inconsequential for rice yields because neither water, low pH, nor the availability of K or P were limiting factors for rice production. Rate of char above 16 Mg ha^(−1) reduced leaf area index and total shoot dry matter by 72 days after sowing. The number of panicles infected by rice blast decreased with increasing char rate. Increased dry matter beyond the remobilization capacity of the crop, and high number of panicles infected by rice blast were the likely cause of the lower grain yield observed when more than 60 kg N ha^(−1) was applied. The optimal rate of N was 46 kg ha^(−1) and resulted in a rice grain yield above 3 Mg ha^(−1).

Agricultural Production and Yield Estimation: Two distinctive aspects of Brazilian Agriculture and a perspective on world food problems

Brazil has been increasing its importance in agricultural markets. The reasons are well known to be the relative abundance of land, the increasing technology used in crops, and the development of the agribusiness sector which allow for a fast response to price stimuli. The elasticity of acreage response to increases in expected return is estimated for Soybeans in a dynamic (long term) error correction model. Regarding yield patterns, a large variation in the yearly rates of growth in yield is observed, climate being probably the main source of this variation which result in ‘good’ and ‘bad’ years. In South America, special attention should be given to the El Niño and La Niña phenomena, both said to have important effects on rainfalls patterns and consequently in yield. The influence on El Niño and La Niña in historical data is examined and some ways of estimating the impact of climate on yield of Soybean and Corn markets are proposed. Possible implications of climate change may apply.

The Brazilian Zero Hunger social program implications in achieving sustainable development

This article aims to analyse the progress taken by Brazil towards the accomplishment of a sustainable development, mainly highlighting the success of the Zero Hunger social programme in achieving the elimination of starvation. As one of the essential pillars to the sustainable development, the State’s social performance demands actions directed to the elimination of extreme poverty and hunger, establishing a basis for equitable growth. It is necessary to clarify the juridical and constitutional framework of Brazil, aiming to emphasise the Zero Hunger importance in achieving the Brazilian Republic’s goals and reaching an international pattern on sustainable development. Also, it will be stressed that the international order influences Brazilian domestic law and is one of the main aspects for the Zero Hunger program development.

The Role of the online learner: onsite students becoming online learners

As universities are offering tuition through online learning environments, “onsite students” in higher education are increasingly becoming “online learners”. Since the medium for learning (and teaching) online is a digital environment, and at a distance, the role taken by students and teaching staff is different to the one these are used to in onsite, traditional settings. Therefore the Role of the Online Learner, presented in this paper, is key to onsite students who are to become online learners. This role consists of five competences: Operational, Cognitive, Collaborative, Self-directing, Course-specific. These five competences integrate the various skills, strategies, attitudes and awareness that make up the role of online learner, which learners use to perform efficiently online. They also make up the basis of a tutorial for would-be online learners, going over the Role of the Online Learner by means of concepts, examples and reflective activities. This tutorial, available to students in the author’s website, is also helpful to teaching and counselling staff in guiding their students to become online learners

Response to instruction, English language learners and disproportionate representation : The role of assessment

Resumen tomado de la publicaci??n

Familiar characteristics and received familiar support among Brazilian adolescents with and without pregnancy experience

The present paper aimed to investigate how adolescents with pregnancy experience evaluate received support from their families in comparison with an adolescent group without pregnancy experience. 452 low income adolescents, both sex, aged 14 to 19 years old answered to a questionnaire. The results revealed that more girls (64.2 %) than boys (35.8 %) declared pregnancy experience, ?2 (2, n = 2617) = 48.32, p < .001. Moreover, it was observed that the group with pregnancy experience, in comparison with other group, revealed more perception on the family relationships safety, t (408) = -3.0, p < .01; mutual respect among family members in their homes, t (392) = -2.3, p < .05; and received stronger general support from their family, t (397) = -1,3, p < .05. These results are discussed.

A contrastive analysis of non-native interlanguage english intonation systems and their implication in the organisation of information from a functional perspectiva : a study based on a computerized corpus of spanish learners of english

El contexto teórico y empírico de esta investigación sobre entonación, se enmarca dentro de la filosofía lingüística de la teoría sistémico-funcional. El modelo metodológico empleado se basa en la Lingüística de Corpus. La descripción de la adquisición y aprendizaje de la lengua extranjera está justificada dentro del marco teórico de la teoría de interlengua y la adquisición de segundas lenguas y lenguas extranjeras.. El presente estudio del corpus comparativo y longitudinal de aprendices y hablantes nativos de lengua inglesa, tiene como objetivo principal investigar los modelos de entonación producidos por ambos grupos de hablantes. Se pretende demostrar que la diferencia a nivel entonativo entre estos dos grupos no sólo tiene como resultado que los no nativos tengan acento extranjero; sino que puede afectar al mensaje transmitido, en cuanto a la estructura y organización de la información dentro del discurso oral en las metafunciones textual e interpersonal.. Se asume la existencia de un sistema entonativo de interlengua, de esta forma este análisis tiene como objeto no sólo reflejar los errores sino también los posibles sistemas aproximativos de los aprendices mencionados..

Young learners. 'Jóvenes aprendices'.

Presenta tambien el material necesario para la realización de las actividades. Índice temático

Adult ESOL learners in Britain : a cross-cultural study.

Se describen los principales temas, perspectivas y debates en la enseñanza del inglés para hablantes de otros idiomas (English for Speakers of Other Languages) en Gran Bretaña. Al combinar el análisis histórico, sociolingüístico e intercultural sobre las necesidades lingüísticas de los inmigrantes adultos en este país, el debate se ocupa de cuestiones relacionadas con el aprendizaje y la enseñanza del inglés para hablantes de otros idiomas.

Reading science : strategies for english language learners. High beginning.

Forma parte de una serie que ayuda a los estudiantes de inglés en la comprensión de textos del área de ciencias, para lo cual utiliza unas estrategias básicas de lectura; también, construye un vocabulario conceptual y de palabras académicas. Incluye formatos normalizados de evaluación que preparan a los alumnos para los exámenes normalizados.

Five-minute activities for young learners.

Actividades diseñada para estudiantes entre seis y doce años organizadas en torno a seis temas que reflejan el contenido de los exámenes de Inglés y el programa de estudios en la mayoría de las aulas de primaria: animales, viajes, fantasía y aventura, el mundo que nos rodea, un cuerpo sano, y acerca de mí. Las actividades están organizadas por tema y por nivel para que sean fáciles de adecuar a los estudiantes. Fomentan un uso del lenguaje y de la comunicación adecuado a los alumnos de enseñanza primaria. Cada una de ellas contiene información sobre la preparación, el procedimiento, la concentración y habilidades de pensamiento. Pueden ser utilizadas de forma flexible en cualquier orden y en cualquier punto de un programa de enseñanza, además, su diseño permite a los profesores a adaptar y aplicar las ideas a otros temas. Tiene un apéndice con enlaces y sitios web.