895 resultados para Capital and Total Returns


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We develop and calibrate a model where differences in factor endowments lead countries to trade intermediate goods, and gains from trade reflect in total factor productivity. We perform several output and growth decompositions, to assess the impact that barriers to trade, as well as changes in terms of trade, have on measured TFP. We find that for very poor economies gains from trade are large, in some cases representing a doubling of GDP. Also, that an improvement in the terms of trade - by allowing the use of a better mix of intermediate inputs in the production process - translates into productivity growth.

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This paper proposes a new novel to calculate tail risks incorporating risk-neutral information without dependence on options data. Proceeding via a non parametric approach we derive a stochastic discount factor that correctly price a chosen panel of stocks returns. With the assumption that states probabilities are homogeneous we back out the risk neutral distribution and calculate five primitive tail risk measures, all extracted from this risk neutral probability. The final measure is than set as the first principal component of the preliminary measures. Using six Fama-French size and book to market portfolios to calculate our tail risk, we find that it has significant predictive power when forecasting market returns one month ahead, aggregate U.S. consumption and GDP one quarter ahead and also macroeconomic activity indexes. Conditional Fama-Macbeth two-pass cross-sectional regressions reveal that our factor present a positive risk premium when controlling for traditional factors.

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Phenolic compounds are one of the most important quality parameters of wines, since they contribute to wine organoleptic characteristics such as colour, astringency, and bitterness. Furthermore, several studies have pointed out that many show biological properties of interest, related to their antioxidant capacity. This antioxidant activity has been thoroughly studied and a wide variety of methods have been developed to evaluate it. In this study, the antioxidant activity of commercial Terras Madeirenses Portuguese wines (Madeira Island) was measured by three different analytical methods: [1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging assay, 2,2′-azino-bis-(3-ethylbenzothiazoline-6-sulfonic acid (ABTSradical dot+)) radical cation decolourisation, and ferric reducing/antioxidant power (FRAP) for the evaluation of reducing power (PR) and correlate them with the total phenolic content determined with the Folin–Ciocalteu’s reagent using gallic acid as a standard. The total polyphenol concentration was found to vary from 252 to 1936 mg/l gallic acid equivalents (GAE). The antiradical activity varied from 0.042 to 0.715 mM Trolox equivalents and the antioxidant capacity varied from 344 to 1105 mg/l gallic acid equivalents (GAE). For the reduction power we obtained 3.45–3.86 mM quercetin equivalents.

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Amostras quinzenais, desde o parto até o final do período de lactação, obtidas de 34 vacas de três diferentes raças e propriedades, foram analisadas quanto à presença de GMP livre. Um pool das amostras quinzenais de cada rebanho foi analisada tanto para o conteúdo de GMP livre quanto para o GMP total (liberado da k-caseína pela ação da renina), correlacionando-os com as condições sanitárias do animal e do úbere, à fase da lactação e à produção de leite. A maioria dos problemas sanitários concentrou-se próximo ao parto, com poucas e espaçadas ocorrências de mastites clínicas. Os resultados do teste de CMT mostraram reações compatíveis às fases da lactação. Para o GMP livre as maiores variações ocorreram em função do período de lactação e em conseqüência de mastites clínicas e subclínicas. Valores elevados foram observados no início da lactação (5,87mg de ácido siálico/L de leite), normalizando para valores próximos de 3,30mg/L já ao final do segundo mês e voltando a elevar-se no terço final da lactação. em média, as mesmas tendências foram observadas para o teor de GMP total liberado pela ação de coalho comercial, iniciando com valores ligeiramente elevados (35,59mg/L), tornando-se normal e assim se mantendo até o sexto mês com valores próximos a 27,15mg/L, e novamente elevando-se gradualmente até o final da lactação, com 58,35mg de ácido siálico/L de leite. Esses resultados mostram-se úteis para a correta interpretação de métodos aplicados à seleção do leite, seja em relação ao status proteolítico da matéria-prima ou mesmo para coibição de fraudes por adição de soro ao leite.

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Os tipos de hemócitos e as contagens total e diferencial foram estudados em larvas parasitadas e não parasitadas de Anastrepha obliqua pertencentes ao início e ao final da terceira fase. em ambas as fases do desenvolvimento, tanto em larvas parasitadas quanto nas não parasitadas, foram observados pró-hemócitos, plasmatócitos, granulócitos, adipo-hemócitos, esferulócitos e oenocitóides. A presença de divisões mitóticas indica os pró-hemócitos como células-tronco. Pró-hemócitos, plasmatócitos e granulócitos são as células mais numerosas na hemolinfa de A. obliqua. Foi observada diferença no número total de hemócitos entre larvas parasitadas e não parasitadas apenas no final da terceira fase.

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Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

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Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

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Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

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Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

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Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

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Estudaram-se as variáveis eritrométricas, leucométricas e a concentração de proteína total (PT) de éguas gestantes das raças Brasileiro de Hipismo (BH) e Bretão. Utilizaram-se 175 éguas sadias, com 3 a 13 anos de idade. Dentre as éguas utilizadas, 89 foram da raça BH, divididas em 14 não-prenhes e 75 prenhes, e 86 éguas da raça Bretão divididas em 11 não-prenhes e 75 prenhes. As éguas foram subdivididas em quatro grupos por raça: grupo controle (éguas não-prenhes, n=14 para BH e n=11 para Bretão); grupo I (primeiro período de gestação, 25-110 dias, n=25 para BH e Bretão), grupo II (segundo período de gestação, 111-210 dias, n=25 para BH e Bretão); e grupo III (terceiro período de gestação, 211-340 dias, n=25 para BH e Bretão). Os valores médios de cada variável eritrométrica, leucométrica e de proteína total foram obtidos para cada raça e, posteriormente, realizou-se comparação entre as mesmas. O número de hemácias (He), volume globular (VG) e teor de hemoglobina (Hb) aumentaram no segundo período de gestação e diminuíram no último período tanto para a raça BH, como para a raça Bretão. Além disso, essas mesmas variáveis apresentaram diferença estatística significativa tanto nas éguas não-prenhas como nas prenhes durante os três períodos gestacionais. Os valores médios obtidos de leucócitos e neutrófilos segmentados aumentaram a partir do segundo período de gestação para as duas raças estudadas.

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The yeast Saccharomyces cerevisiae was immobilized in cubes of polyurethane foam and the ability of this immobilized material to separate Sb(III) and Sb(V) was investigated. A method based on sequential determination of total Sb (after on-line reduction of Sb(V) to Sb(III) with thiourea) and Sb(Ill) (after on-line solid-liquid phase extraction) by hydride generation inductively coupled plasma optical emission spectrometry is proposed. A flow system assembled with solenoid valves was used to manage all stages of the process. The effects of pH, sample loading and elution flow rates on solid-liquid phase extraction of Sb(III) were evaluated. Also, the parameters related to online pre-reduction (reaction coil and flow rates) were optimized. Detection limits of 0.8 and 0.15 mu g L-1 were obtained for total Sb and Sb (III), respectively. The proposed method was applied to the analysis of river water and effluent samples. The results obtained for the determination of total Sb were in agreement with expected values, including the river water Standard Reference Material 1640 certified by the National Institute of Standards and Technology (NIST). Recoveries of Sb(III) and Sb(V) in spiked samples were between 81 19 and I I I 15% when 120 s of sample loading were used. (c) 2006 Elsevier B.V. All rights reserved.

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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This experiment was developed in order to evaluation the efficiency of pheromone to control the pink bollworm and the total time of its release in cotton field. The experiment was installed in field conditions, in Chapadao do Sul/SP/Brazil, from January to April, 1998. The treatments consisted of 2 areas, being one of 30ha, where it was applied the pheromone and another of 10ha that was chosen as control area and did not receive pheromone. In the treated area, the laboratory synthesized sex pheromone (PB-Rope) was used thought of dispensers that allowed the slow and gradual release of the active substance. A total of 250 dispenser per hectare were evenly hand distributed in the area. The dispensers were wrapped around the plants. Both areas (treated area and untreated area) were monitored by delta trap. For evaluation of the boll damage, the treatment area was divided into 4 sub-areas. Twenty five green bolls were collected at random from each sub-area at 48 and 65 days after pheromone treatment. Bolls were cracked open by hand, and number of the bolls with symptoms of pink bollworm attacks was recorded. For evaluation of the productivity four areas were demarcated in each treatment, where all fibers and seeds harvested were weighted. Release rate of pheromone from dispenser was evaluated through of the weigh of the dispensers. Were marked and weighed in analytic scale, 20 dispensers contend the pheromone, being placed 10 dispensers under the cotton plants in treated area and other 10 dispensers in an open area. To every 15 days the dispensers were retired and weighed in analytic scale and soon after put back in the field in the same places. The results showed that only one application of mating disrupt pheromone, used in a dosage of 250 dispenser/ha, reached 80% of control for pink bollworm. the release period of pheromone from dispenser, after the application, was 120 days.